USD/CAD drops below 1.3600 on soft US dollar and higher oil prices – by christianborjon USDCAD Majors Macroeconomics Fed BOC
Broad US dollar weakness and high crude oil prices undermine the USD/CAD, a tailwind for the CAD.Fed policymakers continue to emphasize the need for higher rates amidst recent US data showing the economy is slowing.extended its losses for two-consecutive trading days, courtesy of a soft US dollar and rising oil prices, which underpinned the commodity-linked Loonie amidst a risk-on impulse.
After Monday’s ISM, PMI reported that manufacturing activity slowed but remained in expansionary territory. Sub-components showed that the price index dropped while new orders began to fall. Of late, the San Francisco Fed Mary Daly said that the Fed is committed to getting inflation low and echoed the NY Fed Williams comments of needing additional rate hikes.
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