USD/CAD declines towards 1.3400 as oil strengthens, US/Canada GDP eyed – by Sagar_Dua24 USDCAD Oil RiskAppetite GDP Fed
asset is hovering around 1.3433 and is expected to extend its losses towards the round-level support of 1.3400 amid a vertical rally in oil prices. Also, the recovery in the risk-appetite theme is expected to strengthen the Canadian Dollar further. has refreshed its day’s low at 106.14 amid a decline in safe-haven’s appeal. Contrary to that, 10-year US Treasury yields have recovered to near 3.
Meanwhile, loonie investors are also awaiting GDP figures, which are due on Tuesday. The annualized GDP is expected to improve to 3.5% vs. the prior release of 3.3%. While, on a quarterly basis, theOn the oil front, oil prices have roared firmly on expectations of consideration of supply cuts by the OPEC cartel to offset the recent weakness. Meanwhile, public unrest in China has been calmed for a while as Chinese marshals have barricaded people at home under coercion.
It is worth noting that Canada is a leading oil exporter to the United States, therefore, a meaningful recovery in
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