USD/CAD bears moving in, significant correction eyed USDCAD DollarIndex Fed CentralBanks BOC
BoC and Fed themes are in focus, driving the price. is flat on the day after moving between a low of 1.3448 and 1.3489 so far, currently trading at 1.3460 and in retreat in midday New York trade. The Canadian Dollar was initially offered on Thursday ahead of a parliamentary appearance by Bank of Canada Governor Tiff Macklem. Additionally, the price of oil has continued to deteriorate, one of Canada's major exports.
Fed Bank of New York President John Williams also said on Wednesday inflation was still at problematic levels, and the US central bank would act to lower it. Looking ahead, the Federal Open Market Committee will enter a blackout this weekend ahead of the 2/3 May meeting.Nevertheless, the US Dollar, as measured by the DXY index, fell on Thursday as weak data reinforced expectations the world's largest economy is likely headed toward a recession.
On Thursday, Macklem said the there has been a steady improvement in inflation and modest economic growth. He has stated that it is not a major concern' if the Fed raises rates more thanMeanwhile, money markets expect the BoC to leave its policy rate on hold at 4.50%, a 15-year high, through the end of the year. The overall bias is bullish as per the bullish pennant on the daily chart above.
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