USD/CAD Climbs To Mid-1.3600s, Eyes Monthly Top Ahead Of Canadian GDP/US Macro Data

The USD/CAD pair builds on the overnight bounce from the 1.3565 area, or a multi-day low, and gains some follow-through traction for the second successive day on Wednesday. The pair maintains its bid tone through the early part of the European session and trades near the top end of its daily range, around the 1.3645 region.

A combination of factors assists the US Dollar (USD) in attracting fresh buyers, which, in turn, acts as a tailwind for the USD/CAD pair. Investors seem convinced that the Federal Reserve (Fed) will keep interest rates higher for longer and have been pricing in a greater chance of another 25 bps lift-off at the June FOMC policy meeting. The US PCE Price Index data lifted the bets on Friday, which showed that inflation remains sticky. This, along with the risk-off impulse, further benefits the safe-haven buck.

The market sentiment remains fragile amid worries about slowing economic growth, particularly in China. The National Bureau of Statistics (NBS) reported this Wednesday that China’s factory activity shrank faster than expected in May. Moreover, business activity in China’s service expanded slowly in four months. This and concerns about the worsening US-China ties overshadow the optimism over raising the US debt ceiling and tempering investors’ appetite for perceived riskier assets.

Meanwhile, a patchy economic recovery in the world’s second-largest economy raises concerns about fuel demand from the top oil importer China. This, in turn, drags Crude Oil prices to a nearly four-week low, undermining the commodity-linked Loonie and providing an additional boost to the USD/CAD pair. Spot prices move well within striking distance of the monthly peak touched last week as traders now look to important macro releases from Canada and the US for some significant impetus.

Wednesday’s economic docket features the release of the Canadian Q1 GDP report, along with the Chicago PMI and JOLTS Job Openings data from the US later during the early North American session. Apart from this, speeches by influential FOMC members and the broader risk sentiment will drive the USD demand. Traders will take cues from Oil price dynamics to grab short-term opportunities around the USD/CAD pair.  Nevertheless, the aforementioned fundamental backdrop favors bullish traders.

This Post Has 37 Comments

  1. tonic greens review

    I’ve been exploring for a little bit for any high-quality articles or weblog posts in this sort of space . Exploring in Yahoo I ultimately stumbled upon this website. Reading this information So i’m satisfied to convey that I’ve an incredibly just right uncanny feeling I came upon exactly what I needed. I most certainly will make certain to do not disregard this web site and give it a look regularly.

  2. I’m now not positive where you’re getting your information, but good topic. I must spend some time learning more or understanding more. Thank you for great information I was in search of this information for my mission.

  3. Hiya! Quick question that’s totally off topic. Do you know how to make your site mobile friendly? My web site looks weird when browsing from my iphone 4. I’m trying to find a template or plugin that might be able to resolve this problem. If you have any recommendations, please share. Cheers!

  4. Fitspresso review

    Good day! I simply would like to give an enormous thumbs up for the good data you will have right here on this post. I will likely be coming again to your weblog for more soon.

  5. Java Burn

    Hello There. I found your blog using msn. This is a very well written article. I’ll be sure to bookmark it and return to read more of your useful info. Thanks for the post. I will certainly comeback.

  6. renew

    What is Renew? Renew is a dietary supplement designed to support blood flow while also aiming to boost testosterone levels and provide an explosive energy drive

  7. The Genius Wave

    I conceive this site has got some rattling excellent information for everyone :D. “Heat cannot be separated from fire, or beauty from The Eternal.” by Alighieri Dante.

  8. sugar defender

    What is Sugar Defender 24? Jeffrey Mitchell made the Sugar Defender 24. It is a product (Sugar Defender Diabetes) that helps your blood sugar health.

  9. Hello! Do you know if they make any plugins to help with Search Engine Optimization? I’m trying to get my blog to rank for some targeted keywords but I’m not seeing very good gains. If you know of any please share. Many thanks!

  10. Good ?V I should definitely pronounce, impressed with your web site. I had no trouble navigating through all the tabs as well as related information ended up being truly easy to do to access. I recently found what I hoped for before you know it in the least. Quite unusual. Is likely to appreciate it for those who add forums or anything, site theme . a tones way for your client to communicate. Nice task..

  11. Tonic Greens

    I think you have noted some very interesting details, thankyou for the post.

  12. nanodefense pro

    Some truly nice and utilitarian information on this web site, also I think the design has got good features.

  13. It is actually a nice and useful piece of info. I’m satisfied that you shared this useful information with us. Please stay us up to date like this. Thanks for sharing.

  14. After examine a few of the weblog posts in your website now, and I actually like your manner of blogging. I bookmarked it to my bookmark web site list and might be checking again soon. Pls try my website as nicely and let me know what you think.

  15. hackers for hire

    Only wanna state that this is invaluable, Thanks for taking your time to write this.

  16. leanbiome reviews

    What Is LeanBiome? LeanBiome, a new weight loss solution, includes beneficial strains of gut bacteria that work fast for weight loss.

  17. Sugar Defender

    I genuinely enjoy reading through on this internet site, it has got excellent content. “A short saying oft contains much wisdom.” by Sophocles.

  18. Perfectly composed content material, regards for entropy. “Life is God’s novel. Let him write it.” by Isaac Bashevis Singer.

  19. Puravive

    Very well written article. It will be beneficial to everyone who usess it, including myself. Keep up the good work – looking forward to more posts.

  20. This web page is really a stroll-by for the entire information you wished about this and didn’t know who to ask. Glimpse here, and also you’ll undoubtedly discover it.

  21. The Genius Wave

    I’ve been exploring for a little for any high quality articles or blog posts on this sort of area . Exploring in Yahoo I at last stumbled upon this site. Reading this info So i’m satisfied to express that I have an incredibly excellent uncanny feeling I came upon just what I needed. I most certainly will make sure to do not forget this website and provides it a look regularly.

  22. Very nice post and straight to the point. I don’t know if this is really the best place to ask but do you guys have any ideea where to employ some professional writers? Thanks 🙂

  23. Leanbiome

    I really value your piece of work, Great post.

  24. Sugar Defender

    I am glad to be one of several visitants on this outstanding website (:, appreciate it for posting.

  25. The Genius Wave

    I was studying some of your blog posts on this internet site and I believe this internet site is very informative ! Retain posting.

  26. Sugar Defender

    Hello.This article was really fascinating, particularly since I was investigating for thoughts on this subject last Saturday.

  27. lift detox

    I was just searching for this information for some time. After 6 hours of continuous Googleing, finally I got it in your web site. I wonder what’s the lack of Google strategy that don’t rank this kind of informative sites in top of the list. Usually the top websites are full of garbage.

  28. Tonic Greens

    Great post. I am facing a couple of these problems.

  29. Toronto Escorts

    Absolutely indited content material, Really enjoyed studying.

  30. tlovertonet

    I likewise conceive therefore, perfectly indited post! .

Leave a Reply

Important Link

Fund Your Deriv Account
Withdraw Funds to Your Local Currency
VIP Trading Signals
Learn To Trade

Contact Us

Follow Us

Disclaimer

Forex, Crypto, Options, and Binary Options have both large potential rewards and large potential risks. Therefore, before investing or trading any of the assets, ensure you are aware of and willing to accept the accompanying risks. Do not trade money you cannot afford to lose.

All Rights Reserved. None of the content of this website can be published elsewhere by any means without the prior consent of the owner(s). Please, check our terms & conditions and privacy policy before continuing to use this website.

This website and its owner(s) are not in any way liable for any incurred loss, whether caused by the information provided on this website or otherwise. The use of this website, including the content and information provided, is the user’s sole liability.