Financial Digest

USD/CAD remains under selling pressure below 1.3530 amid weaker US Dollar, higher oil prices

  • 📰 FXStreetNews
  • ⏱ Reading Time:
  • 21 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 72%

Finance Finance Headlines News

Finance Finance Latest News,Finance Finance Headlines

The USD/CAD pair trades on a softer note near 1.3520 on Thursday during the early Asian trading hours.

USD/CAD drifts lower to 1.3520 on the softer US Dollar on Thursday. The US March ISM Services PMI came in weaker than expected, easing to 51.4 from 52.6 in February. Higher crude oil prices amid the fear of oil supply disruptions lift the commodity-linked Loonie. The rise of crude oil prices to their highest levels since October boost the commodity-linked Loonie. Additionally, the weaker-than-expected US ISM Services PMI data for March weighs on the Greenback and drags the USD/CAD pair lower.

Powell further stated that the FOMC policymakers see it as appropriate to begin cutting the policy rate, If the economy evolves as the Fed expects. These dovish comments exert further selling pressure on the USD and create a headwind for the USD/CAD pair. On the Loonie front, the geopolitical tensions in the Middle East raise the fear of oil supply disruptions and boost the Canadian Dollar .

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 14. in FİNANCE

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

US Dollar Falls, Fed’s Resolve in Question; USD/JPY, USD/CAD Setups Before NFPThe U.S. dollar weakens amidst falling U.S. Treasury yields, as markets raise doubts about the Fed's commitment to wait longer before cutting rates. Focus now shifts to the upcoming U.S. jobs report.
Source: DailyFX - 🏆 305. / 63 Read more »

US Dollar Stumbles Before Key Jobs Data; Setups on EUR/USD, USD/JPY, USD/CADThe upcoming release of the March U.S. jobs report is set to inject considerable volatility into financial markets and could have a decisive impact on the performance of the U.S. dollar in the near future.
Source: DailyFX - 🏆 305. / 63 Read more »

USD/CAD IG Client Sentiment: Our data shows traders are now net-short USD/CAD for the first time since Mar 06, 2024 15:00 GMT when USD/CAD traded near 1.35.Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger USD/CAD-bullish contrarian trading bias.
Source: DailyFX - 🏆 305. / 63 Read more »