- Analytics
- News and Tools
- Market News
- USD/CAD recovers towards 1.2700 amid firmer USD, ahead of key data
USD/CAD recovers towards 1.2700 amid firmer USD, ahead of key data
- USD/CAD is rising back towards 1.2700 after Tuesday’s steep correction.
- Risk-off mood-led USD strength buoys the spot, as WTI bulls take a breather.
- Focus remains on the US data dump and FOMC minutes for fresh direction.
Having found strong bids near 1.2660, USD/CAD is heading back towards 1.2700, tracking the gains in the US dollar across the board.
The greenback holds onto the recent advances, as the risk sentiment remains sour amid increased anxiety over the Fed’s rate hike outlook, which will be hinted at Wednesday’s FOMC minutes.
Also, a raft of crucial US data, including the Durable Goods, PCE inflation and GDP, will provide fresh signs on the economic recovery, which could ad to the Fed rate hike speculations.
Meanwhile, a pause in the WTI price rally also offers comfort to USD/CAD bulls. The US oil consolidates its two-day recovery rally to $78.79 levels, as traders were disappointed by a smaller-than-expected oil release from the US Strategic Petroleum Reserve (SPR).
Looking forward, the sentiment around oil prices and the US dollar will drive the USD/CAD price action ahead of the key US economic releases.
USD/CAD: Technical levels to watch out
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
