USD/CAD consolidates its recent losses to two-month low, holds above 1.3300 mark – by hareshmenghani USDCAD Fed Inflation Recession Currencies
r trades around the 1.3325-1.3330 region through the first half of the European session and remains in the negative territory for the fifth successive day. drops to a one-year low amid growing acceptance that the Federal Reserve is nearly done with its rate-hiking cycle and turns out to be a key factor exerting some pressure on the USD/CAD pair. In fact, the markets now seem convinced that the US central bank will pause after hiking one last time next month.
The International Monetary Fund earlier this week trimmed its 2023 global growth outlook, citing the impact of higher interest. This, along with worries that the post-COVID recovery in China is losing steam, raised recession fears and keep a lid on the optimism witnessed since the beginning of this week. Apart from this, softer Crude Oil prices undermine the commodity-linked Loonie and act as a tailwind for the USD/CAD pair.
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