USD/CAD sticks to gains above mid-1.3500s amid softer oil prices, modest USD uptick – by hareshmenghani USDCAD Fed Bonds Majors Currencies
laced around the 1.3565-1.3570 region, up nearly 0.15% for the day, and is supported by a combination of factors.prices edge lower and stall this week's goodish recovery move from the vicinity of the YTD low, which, in turn, undermines the commodity-linked Loonie. Apart from this, a modest US Dollar bounce from its lowest level since mid-June, bolstered by a hawkish assessment of the Fed's policy decision on Wednesday, acts as a tailwind for the USD/CAD pair.
The US central bank on Wednesday signalled that it will continue to raise rates. Moreover, policymakers see the terminal rate rising to 5.1%, an additional 75 bps increases in borrowing costs by the end of 2023. Investors, however, seem convinced that the will soon pivot from an ultra-hawkish stance to something more neutral. This, in turn, keeps the US Treasury bond yields depressed. Apart from this, a positive risk tone might hold back the USD bulls from placing aggressive bets.for fuel demand should limit the downside for crude oil prices.
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