USD/CAD oscillates in a range around 1.3620 area, just below a nearly one-month high – by hareshmenghani USDCAD Fed Bonds RiskAppetite Currencies
ion. The pair is currently placed in neutral territory, around the 1.3620 region, just below a nearly one-month high touched the previous day.prices gain some positive traction and reverses a part of Tuesday's slide to a fresh monthly low amid reports of falling US fuel inventories, which pointed to robust demand in the world's top consumer.
The Conference Board's Consumer Confidence Index unexpectedly dropped to a nine-month low in April and fueled worries about a deeper economic downturn. This, in turn, lifted bets for an imminent rate cut by the Federal Reserve later this year, which dragged longer-duration Treasury yields lower across the board and is seen weighing on the Greenback.
Apart from this, signs of stability in the equity markets turn out to be another factor weighing on the safe-haven buck and contributing to capping the upside for the USD/CAD pair, at least for the time being. The Fed, however, is still expected to deliver a 25 bps rate hike in May, which acts as a tailwind for the US bond yields and lends support to the USD.
The aforementioned fundamental backdrop favours bulls and suggests that the path of least resistance for spot prices is to the upside. Traders, however, seem reluctant and move to the sidelines ahead of this week's key US macro releases, including the Advance Q1 GDP on Thursday and the Core PCEIn the meantime, traders on Thursday will take cues from the release of the US Durable Goods Orders data, due later during the early North American session.
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