USD/CAD clings to mild gains above 1.3500 despite downbeat Oil price – by anilpanchal7 USDCAD RiskAppetite Oil Currencies YieldCurve
US Dollar rebound, easing optimism over China’s Covid updates weigh on Oil price.
The US Dollar rebound and the recent pullback in the Oil prices could be linked to the quote’s recovery. However, the holiday mood and a light calendar, not to forget fewer macros, keep the USD/CAD traders in check. struggles to defend recent gains around 104.25, fading the bounce off a one-week low, amid sluggish US Treasury bond yields.
On a different page, China announced multiple measures to open national and international boundaries in a rush to convey the easing of COVID-19 fears. However, the US doubts the moves and probes the risk-on mood. The dragon nation initially ruled out the quarantine requirement for inbound travelers before stating that the nation will resume citizens' applications for ordinary passports for tourism and visits abroad from January 8, 2023.
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