USD/CAD stays firmer past 1.3450 on downbeat Oil price, focus on BoC’s Macklem, yields – by anilpanchal7 USDCAD Oil BOC Fed RiskAversion
Oil price bears the burden of recession woes amid fears of higher interest rates.Risk catalysts, comments from BoC, Fed policymakers eyed for clear directions.grinds higher as it approaches the 1.3500 round figure amid early Thursday morning in Europe. In doing so, the Loonie pair defends the previous day’s gains to refresh a one-week high as bulls turn cautious ahead of the key Canadian catalysts.
Considering the same, the market players place higher bets on the US central bank’s 0.25% rate hike in May, almost 85% at the latest, as well as reduce the probability of witnessing a rate cut in 2023. It should be noted that the downbeat prints of Canada’s Housing Starts, Industrial Product Price and Raw Material Price join the upbeat statements in the Fed Beige Book to offer additional upside catalyst for the Loonie pair.
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