USD/CAD retreats to 1.3500 on firmer Oil price, BoC concerns ahead of US inflation, Fed Minutes – by anilpanchal7 USDCAD Oil Fed Inflation BOC
n major bourses. That said, the Loonie pair’s latest weakness could be linked to the firmer price of Canada’s main export item, namely WTI crude oil. However, the dovish bias from the Bank of Canada , versus recently spiked hawkishprint 0.61% intraday gains near $81.00, after rising in the last three consecutive weeks. The black gold’s latest gains could be linked to the geopolitical concerns surrounding China and Taiwan.
The fears of higher Fed rates versus no action from the Bank of Canada gained momentum after the upbeat US Jobs report, versus no major positives from the Canadian jobs report for March. Talking about the data, Canada’s headline Net Change in Employment rose to 34.7K in March from 21.8K prior, versus 12K market consensus, whereas the Unemployment Rate reprinted 5.0% figure compared to analysts’ estimate of 5.1%. It’s worth noting, however, that the Participation Rate eased to 65.6% during the stated month from 65.7% expected and prior. Further, the Average Hourly Wages eased to 5.2% YoY in March versus 5.4% previous reading.
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