- USD/CAD is exposed to more downside as higher oil prices strengthen the Canadian Dollar.
- Fed Bowman reiterated this weekend that further policy tightening is appropriate.
- Canada’s upbeat labor market data has prompted hawkish BoC bets.
The USD/CAD pair sets for a breakdown to near the round-level support of 1.3600 as deepening Middle East tensions due to Israel-Hamas bellicose has ramped up global oil prices. The Loonie asset has been exposed to more downside as the oil price rally has strengthened the Canadian Dollar.
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