USD/CAD retreats from 1.3200 despite downbeat Oil price as US Dollar braces for Fed – by anilpanchal7 USDCAD Oil Fed RiskAversion Currencies
USD/CAD reverses from intraday high on softer US Dollar ahead of Federal Reserve Interest Rate Decision.
Oil price prints the first daily loss in five amid mixed sentiment, receding optimism about China stimulus.Fed Chair Powell’s speech will be crucial as 0.25% rate hike is priced in.pares intraday gains around 1.3175 heading into Wednesday’s European session as the US Dollar stays pressured ahead of the Federal Open Market Committee monetary policy meeting announcements.
On the other hand, WTI crude oil snaps a four-day winning streak while retreating from a three-month high, mildly offered near $79.15 by the press time, as China-inspired optimism fades. That said, Reuters reports that US 100-member Senate backed the amendment to the National Defense Authorization Act by 91 to 6. This means that the policymakers back legislation requiring US companies to report investment in China technologies like semiconductors and artificial intelligence .
Amid these plays, S&P500 Futures seesaws around the one-week high marked the previous day, mildly bid near 4,600 by the press time. However, the US 10-year and two-year Treasury bond yields retreat from a two-week high registered Tuesday, close to 3.88% and 4.87% in that order at the latest. Looking ahead, an absence of major data/events could restrict the USD/CAD pair’s moves ahead of the Fed’s verdict. Given the widely expected 0.25% rate hike, already priced in as well, the Loonie pair may need hawkish statements from Fed Chair Jerome Powell and a slump in theUSD/CAD grinds within the one-week-old symmetrical triangle, currently between 1.3210 and 1.3150, but the bears seem running out of fuel of late.
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