USD/CAD fits below 1.3600 as US Biden compromises budget spending for debt-ceiling raise USDCAD BOC Fed GDP Inflation
essure after a sharp decline in appeal for the US Dollar Index . The USD Index lost its appeal after US President Joe Biden comprised the scale of spending initiatives proposed for the budget for approving a raise in the United States borrowing cap limit to avoid default. US Treasury Secretary Janet Yellen already warned Congressional leaders that the Federal government could default by June 05 on obligated payments.
Investors should note that an increase in the US debt-ceiling would attract credit rating agencies, which would downgrade the long-term credibility of the US economy. This may have a significant impact on the US Dollar Index and US equities.
, amid the release of the Gross Domestic Product data, which will release on Wednesday. As per the preliminary report, monthly GDP is seen contracting by 0.1% vs. an expansion of 0.1% recorded in February. Q1 and annualized GDP are seen significantly expanding by 0.4% and 2.1% respectively vs. a stagnant performance.
steady from March considering that the current monetary policy is restrictive enough to tame stubborn inflation.USD/CAD showed a stellar upside action after a breakout of the Symmetrical Triangle formed on a four-hour scale. The
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