$USDCAD takes offers to refresh intraday low as European session begins with firmer Oil price
The Loonie pair’s latest losses could be linked to an uptick in Canada’s main export item, as well as a retreat in the US Dollar Index .prints mild gains around $70.30 as it justifies the latest announcements from Saudi Arabia and Russia suggesting more supply cuts. Adding strength to the energy benchmark could be the hopes of increasing Oil demand from the US and China as both these economies are trying to overcome differences of late.
On the other hand, the DXY renews its intraday low near 102.90, down 0.07% on a day, as European traders react to the previous day’s downbeat US ISM Manufacturing PMI for June. That said, the private activity gauge dropped to the lowest level in three years, as well as stayed below the 50.0 level for the seventh consecutive month, as it marked a 46.0 figure versus 47.2 expected and 46.9 prior. Further, S&P Global Manufacturing PMI for June confirmed 46.
It should be noted that the US holiday also allows the USD/CAD pair to print losses amid the market’s positioning for the key Canadian data/events. That said, Bank of Canada’s BusinessSurvey and June’s readings of S&P Global Manufacturing PMI appear crucial to watch for clear directions. Meanwhile, the US Treasury bond yields curve inversion flagged fears of recession and join the anxiety about the Sino-American ties, as US Treasury Secretary Janet Yellen is in Beijing for diplomatic talks, to roil the sentiment and put a floor under the USD/CAD price.
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