USD/CAD corrects to near 1.3600 as US Dollar slips, strong oil prices

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USD/CAD corrects to near 1.3600 as US Dollar slips, strong oil prices
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The USD/CAD pair corrected sharply to near 1.3600 in the early New York session. The Loonie asset faces selling pressure amid further downside in the

USD/CAD drops sharply to near 1.3600 as oil pricestrengthens and the US Dollar corrects sharply. Participation of other Middle East countries in the conflict could dampen the market mood. Monthly US headline and core inflation are seen expanding 0.3% US Dollar and expectations of more upside in the oil price due to the deepening Israel-Hamas conflict. S&P500 opens on a moderately positive note amid improved market mood.

As per the estimates, monthly headline and core inflation are seen expanding by 0.3%. The annual headline and core CPI are seen softening marginally to 3.6% and 4.1% respectively. Rising oil prices are strengthening the Canadian Dollar. Escalating tensions in the Middle East are expected to keep oil prices upbeat. IMF chief economist Pierre Gourinchas said on Tuesday, that the “IMF research indicates a 10% increase in Oil prices would weigh down on global output by about 0.

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