- USD/CAD struggles for direction as the US Dollar rises, while oil prices capped the upside.
- US Treasury bond yields spurred the uptick in the US Dollar, keeping the USD/CAD above its 20-DMA.
- Thursday’s US Consumer Price Index (CPI) and Jobless Claims would provide fresh impetus to USD/CAD traders.
The USD/CAD registers minuscule losses in the mid-North American session after hitting a daily low of 1.3357. Market sentiment remains fragile, fluctuating, while a late bid in the US Dollar (USD) spurred a jump in the USD/CAD pair. At the time of writing, the USD/CAD is trading at 1.3424, slightly down by 0.14%.
USD/CAD is directionless, influenced by a strong US Dollar, high oil prices
US equities are seesawing amidst a mixed mood. The greenback is pairing some of its losses, according to the US Dollar Index (DXY), which measures the buck’s performance against a basket of peers, up 0.11%, at 103.281, underpinned by high US bond yields. The US 10-year benchmark note rate is climbing nine bps, to 3.630%, after US Federal Reserve (Fed) Chief Jerome Powell’s speech did not acknowledge the monetary policy.
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