- USD/CAD begins the key week on a firmer footing, mildly bid during three-day uptrend.
- Upbeat US data, geopolitical tension propelled US Dollar, weighed on Oil price of late.
- BoC Governor Macklem’s speech, Canada jobs report for January will be crucial for immediate directions.
USD/CAD prints mild gains around 1.3415 as bulls keep the reins at the start of the key week for Loonie traders. In doing so, the quote prints three-day uptrend while justifying firmer US Dollar and the downbeat prices of Oil, Canada’s main export item.
Be it the unimpressive interest rate hikes by the European Central Bank (ECB) and the Bank of England (BoE) or the strong US data, the US Dollar had it all to recover from the multi-month low. That said, the US Dollar Index (DXY) managed to post the biggest weekly gains since September 2022, not to forget snapping three-week downtrend, in the last.
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