USD/CAD ADVANCES TO OVER ONE-WEEK HIGH, HOLDS ABOVE 1.3700 AS TRADERS LOOK TO US PCE DATA

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  • USD/CAD attracts fresh buyers on Friday amid a goodish pickup in the USD demand.
  • The Fed’s hawkish outlook acts as a tailwind for the US bond yields and the Greenback.
  • Bullish Crude Oil prices underpin the Loonie and cap gains ahead of the US PCE data.

The USD/CAD pair catches fresh bids following the previous day's good two-way price moves and spikes to a one-and-half-week high during the Asian session on Friday. Spot prices, however, retreat a few pips in the last hour and currently trade around the 1.3715 region, up just over 0.10% for the day.

As investors look past Thursday's softer US macro releases, the US Dollar (USD) regains positive traction and climbs to a fresh two-month peak, which turns out to be a key factor that provides a goodish lift to the USD/CAD pair. The intraday USD uptick could be attributed to some repositioning trade ahead of the crucial US inflation data, though lacks follow-through amid the uncertainty about the Federal Reserve's (Fed) rate cut path. Hence, the focus will remain on the US Personal Consumption Expenditure (PCE) Price Index, due later this Friday.


30 Jun 2024, 20:25 を編集しました

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