USDCAD is aiming to shift its business above 1.3350 despite a recovery in risk-on profile.
Oil prices are falling amid accelerating Covid-19 cases in China and no signs of further sanctions on Russia.pair is displaying a volatility contraction in a range of 1.3314-1.3345 in Asia after a vertical rally from key support around 1.3230. The asset is hovering around its weekly high and is looking to add more gains as oil prices have faced immense pressure. Contrary to the bullish bets on USDCAD, positive market sentiment is regaining traction.
Meanwhile, the 10-year US Treasury yields have rebounded marginally to near 3.71% after dropping below 3.7% earlier. The pullback move seems less confident as the odds for a fifth consecutive 75 basis points rate hike by the Federal Reserve are extremely poor. As per the CME FedWatch tool, the odds signaling a 75 bps rate hike stands at 17%.
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