- USD/CAD regains some positive traction amid some follow-through USD buying interest.
- Subdued Crude Oil prices undermine the Loonie and further lend support to the major.
- Traders now look to BoC Governor Macklem's speech ahead of the US CPI on Wednesday.
The USD/CAD pair attracts some buyers during the Asian session on Tuesday, albeit lacks follow-through and remains confined in the previous day's trading range. Spot prices currently hover around the 1.3565 region, up less than 0.10% for the day and below the 200-day Simple Moving Average (SMA) before placing fresh bets.
Crude Oil prices struggle to capitalize on the overnight bounce from the lowest level since June 2023 amid concerns about a slowdown in China – the world's largest importer. The worries were fueled by the latest Chinese Trade Balance data, which showed that the country’s imports remained flat in August as compared to the 6.6% growth registered in the previous month, pointing to weak domestic demand. Apart from this, hopes for additional interest rate cuts by the Bank of Canada (BoC), bolstered by Friday's disappointing Canadian jobs data, undermine the commodity-linked Loonie and act as a tailwind for the USD/CAD pair.
The US Dollar (USD), on the other hand, continues to draw support from reduced bets for a larger 50 basis points (bps) interest rate cut by the Federal Reserve (Fed) in September following Friday's release of the mixed US Nonfarm Payrolls (NFP) report. This, in turn, is seen as another factor lending some support to the USD/CAD pair, though the lack of follow-through buying warrants some caution for bulls ahead of BoC Governor Tiff Macklem's speech later during the early North American session. Investors might also prefer to move to the sidelines ahead of the US inflation figures, which will play a key role in influencing the Greenback.
- USD/CAD regains some positive traction amid some follow-through USD buying interest.
- Subdued Crude Oil prices undermine the Loonie and further lend support to the major.
- Traders now look to BoC Governor Macklem's speech ahead of the US CPI on Wednesday.
The USD/CAD pair attracts some buyers during the Asian session on Tuesday, albeit lacks follow-through and remains confined in the previous day's trading range. Spot prices currently hover around the 1.3565 region, up less than 0.10% for the day and below the 200-day Simple Moving Average (SMA) before placing fresh bets.
Crude Oil prices struggle to capitalize on the overnight bounce from the lowest level since June 2023 amid concerns about a slowdown in China – the world's largest importer. The worries were fueled by the latest Chinese Trade Balance data, which showed that the country’s imports remained flat in August as compared to the 6.6% growth registered in the previous month, pointing to weak domestic demand. Apart from this, hopes for additional interest rate cuts by the Bank of Canada (BoC), bolstered by Friday's disappointing Canadian jobs data, undermine the commodity-linked Loonie and act as a tailwind for the USD/CAD pair.
The US Dollar (USD), on the other hand, continues to draw support from reduced bets for a larger 50 basis points (bps) interest rate cut by the Federal Reserve (Fed) in September following Friday's release of the mixed US Nonfarm Payrolls (NFP) report. This, in turn, is seen as another factor lending some support to the USD/CAD pair, though the lack of follow-through buying warrants some caution for bulls ahead of BoC Governor Tiff Macklem's speech later during the early North American session. Investors might also prefer to move to the sidelines ahead of the US inflation figures, which will play a key role in influencing the Greenback.
风险提示：以上内容仅代表作者或嘉宾的观点，不代表 FOLLOWME 的任何观点及立场，且不代表 FOLLOWME 同意其说法或描述，也不构成任何投资建议。对于访问者根据 FOLLOWME 社区提供的信息所做出的一切行为，除非另有明确的书面承诺文件，否则本社区不承担任何形式的责任。
FOLLOWME 交易社区网址: www.followme.ceo
加载失败()