USD/CAD refreshes three-week high on modest USD strength, bullish Oil prices cap gains – by hareshmenghani USDCAD Fed Bonds RiskAppetite Currencies
The Fed’s hawkish outlook, along with a softer risk tone, benefits the USD and lend support.USD/CAD
pair attracts some buying for the second straight day on Thursday and touches a fresh three-week high during the Asian session, which bulls now awaiting a sustained move beyond the 1.33000 mark before placing fresh bets.outlook , which, in turn, is seen as a key factor acting as a tailwind for the USD/CAD pair. The US central bank, at its June policy meeting, opted for a pause to assess the impact of 10 previous rate hikes, though the minutes released Wednesday indicated a greater likelihood of further policy tightening. In fact, almost all members supported resuming rate hikes at a future meeting as inflation remains unacceptably high.
China introduced export curbs on two metals - widely used in semiconductors, electric vehicles and high-tech industries - to the US. The abrupt move is viewed as a response to efforts by the US to curtail China's technological advancements and might cause more disruption to global trade. This takes its toll on the global risk sentiment and drives some haven flows towards the buck.
price dynamics, should contribute to producing short-term trading opportunities around the USD/CAD pair ahead of the critical monthly jobs data from Canada and the US, due for release on Friday.
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