USD/CAD bears cheer softer US Dollar, bank optimism to approach 1.3600 despite sluggish Oil price – by anilpanchal7 USDCAD Oil Fed Banks RiskAversion
It’s worth noting that the WTI Crude Oil prints mild losses near $72.80 while consolidating the biggest daily loss in 10 months, marked the previous day. While the commodity’s previous uptrend could be linked to the market’s cautious optimism, the latest pullback in the black gold appears linked to China-related headlines. drops for the second consecutive day to 102.65, down 0.21% intraday by the press time.
While tracing the US Dollar’s weakness, the global policymakers’ efforts via stretched emergency credit lines to troubled banks and deposit insurance schemes underpin the firmer sentiment and weigh on the US Dollar. Recently adding strength to the risk-on mood were comments from the central bank officials pushing back the banking crisis concerns and the Silicon Valley Bank deal.
On Monday, US Treasury Department said that the US will keep using tools to prevent banking contagion as needed. Before that, Federal Reserve Governor Philip Jefferson and Fed Vice Chair for Supervision Michael Barr showed readiness to tame the banking crisis while signaling ease in the inflation woes.
It’s worth noting that the recently downbeat US data weighed on the hawkish Fed bets, especially after talks of US recession, previously teased by Minneapolis Fed President Neel Kashkari, which in turn exerted downside pressure on the US Dollar and USD/CAD prices. On Monday, the US DallasWhile portraying the mood, the US 10-year and two-year Treasury yields grind lower around 3.51% and 3.92% by the press time, paring the week-start rebound after witnessing a three-week downtrend.
Looking ahead, Canada’s Annual Budget Release will be the key event for the USD/CAD pair traders to watch, in addition to the US Conference Board’s Consumer Confidence for March, as well as the second-tier housing and activity data.
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