USD/CAD holds above mid-1.3500s, but upside remains restricted.
On Thursday, USD/CAD moved a little higher, but there is no sustained purchasing to support the advance. The weaker oil prices and less hawkish BoC decision weaken the Canadian dollar. Ahead of the US GDP, the USD lingers close to the monthly low and creates a headwind.
On Thursday, there is some buying interest in the USD/CAD pair, which maintains its small intraday gains during the early European session. Although the pair is now hovering slightly above the mid-1.3500s, the upswing is not strongly positive.
The US dollar is a drag on the USD/CAD pair as it hovers at its lowest point since September 20, which was hit the day before. Market hopes for a more aggressive Federal Reserve policy tightening were dampened by indications of a downturn in the US economy. This has been a major contributing cause to the recent significant decline in US Treasury bond rates, which keeps the dollar under pressure.
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