4 Global Market Updates- 10 September, 2022

 

In this article, we have covered the highlights of global market news about the USD/CAD, Gold, Silver and the Indian Rupee.

USD/CAD Holds Above 1.30 in the Weekly Technical Prediction for the Canadian Dollar

After a substantial change in the dynamics of the job market on Friday, the Canadian dollar lost a large portion of its gains. The story swiftly swung back in favor of the U.S. dollar, which continues to be supported by an active Federal Reserve, a solid economy, and safe-haven demand as recessionary worries mount, notwithstanding the Bank of Canada’s (BoC) earlier 75bps interest rate hike.

From a CAD standpoint, crude oil may face significant downward pressure as demand destruction gains favor, leaving the Canadian dollar vulnerable to additional weakness.

The focus of the next week’s economic calendar (see below) will be on U.S. fundamentals, particularly inflation. While an increase might support the Fed’s already hawkish attitude, a continuation of the current inflation easing to 8.5% may restrict dollar gains.

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