USD/CAD holds steady above 1.3700 mark amid retreating oil prices, stronger USD – by hareshmenghani USDCAD Recession Fed RiskAversion Currencies
Retreating oil prices undermines the loonie offering some support amid sustained USD buying.The USD/CAD pair
fails to capitalize on its modest intraday uptick and retreats a few pips from a one-week high touched earlier this Monday. Spot prices, however, manage to hold comfortably above the 1.3700 mark and remain well supported by a combination of factors.edge lower and snap a five-day winning streak to the highest level since late August amid worries that a deeper global economic downturn will hurt fuel demand.
In fact, the USD Index, which measures the greenback's performance against a basket of currencies - hits a one-and-half-week high amid expectations for a more aggressive policy tightening by the Fed. The markets have been pricing in a greater chance of a supersized 75 bps Fed rate hike for the fourth consecutive meeting in November.officials and Friday's upbeat US monthly jobs report, which pointed to the resilient economy.
That said, relatively thin trading volumes on the back of a bank holiday in the US and Canada might hold back traders from placing aggressive bets. Investors might also prefer to move to the sidelines ahead of the release of theNevertheless, the USD/CAD pair seems poised to aim back to reclaim the 1.3800 round-figure mark and retest the YTD peak, around the 1.3835-1.3834 region touched last week.
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