USD/CAD dives as the Canadian Dollar rides on higher oil prices, soft USD USDCAD Currencies Majors
USD/CAD made a U-turn after hitting a daily high of 1.3567 due to overall US Dollar weakness.Canadian housing started increasing by 22% in April, with total units rising to 261,600.
USD/CAD makes a U-turn after hitting a daily high of 1.3567 due to overall US Dollar weakness, spurred by a risk-on impulse and higherunderpinning the Canadian Dollar . In addition, the release of Canadian inflation looming keeps investors nervous after the Bank of Canada left the door open for further rate increases at their minutes release. At the time of writing, the USD/CAD is trading at around 1.3480s, with losses of 0.50%.
Further data showed that Canadian housing starts increased by 22% in April, with total units rising to 261,600 units, from a revised 213,800 in March, as the Canadian Mortgage and Housing Corporation revealed. USD/CAD traders brace for the release of the Consumer Price Index on Tuesday, estimated at 0.4% MoM and 4.3% annually based.
On the US front, the docket revealed the New York Empire State Manufacturing Index disappointed investors, plummeting to -31.3 vs. the -3.9 estimated. The data showed that nearly 50% of respondents to the survey said business conditions worsened. The orders index slid, while a gauge of prices showed an increase, and the employment component shrank., the labor market shows signs of easing, according to the NY Fed survey.
The US debt ceiling continues to grab the headlines. US President Joe Biden commented that talks were “moving along,” while Lael Brainard, the National Economic Director, commented that negotiations were serious and constructive.in 2024 while emphasizing that inflation is high and that the fast-hiking campaign is still working its way through the economy.
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