The USD/CAD pair attracts some follow-through buying for the second successive day on Thursday and climbs back above the 1.3500 psychological mark during the Asian session.
USD/CAD scales higher for the second straight day amid sustained USD buying interest. Reduced bets for aggressive Fed policy easing and geopolitical risks underpin the buck. A modest downtick in Oil prices weighs on the Loonie and contributes to the move-up. The move up is sponsored by a stronger US Dollar , which continues to draw support from a combination of factors and supports prospects for a further intraday appreciating move.
Apart from this, expectations for a bigger interest rate cut by the Bank of Canada turn out to be another factor weighing on the Canadian Dollar and contributing to the bid tone surrounding the USD/CAD pair. The aforementioned fundamental backdrop favors bullish traders and suggests that the path of least resistance for spot prices is to the upside. Hence, a subsequent strength back towards testing the weekly top, around the 1.3535-1.3540 region, looks like a distinct possibility.
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