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29 Dec 2022

USD/CAD’s rebound from 1.3485 loses steam above 1.3600

  • USD/CAD's recovery stalls below 1.3610.
  • The Canadian dollar pares losses on the back of a mild rebound in oil prices.
  • The lower US Treasury bonds are weighing on demand for the USD.

The US Dollar is treading water in the vicinity of 1.3600 on Thursday, following a solid recovery on Wednesday. The pair’s run-up from 1.3485 was capped at 1.3610 and has remained wavering on both sides of the 1.3600 level for most of the day.

The Canadian Dollar ticks up with oil prices trimming losses

The CAD is trimming losses, following its weakest daily performance in the last two weeks amid a moderate recovery in oil prices and the sluggish US Dollar’s performance in a choppy trading session.

Oil prices have appreciated about $1,5 during the European trading session, with the US benchmark West Texas Intermediate crude, picking up to $78.40 from session lows at $76.80, which might have offered some support to the commodity-linked CAD.

On the macroeconomic front, US initial Jobless Claims increased by 9.000 amounting to 225,000 in the week of December 24, with the 4-week moving average declining by 250 to 221,000 from the previous week, according to data released by the US Department of Labor.

These figures have failed to cheer a sluggish   US Dollar, which has tracked the slight decline in US Treasury bond yields. The US Dollar Index has confirmed its decline below the 104.00 level, reaching fresh intra-day lows at 103.66 so far.

The yield of the benchmark US 10-year bond is trading at 3.867% at the moment of writing, 1.5 basis points lower on the day after having opened the session 2.4% down. Investor’s concerns about a potential recession in the first quarter of 2023 and a likely slowdown on the Fed’s tightening cycle are weighing on US Dollar demand

Furthermore, news reports about the soaring COVID-19 cases in China and the escalating tensions in Ukraine after Kremlin’s refusal to accept Zelenski’s peace deal proposal have crushed the optimism witnessed earlier this week after China scrapped its restrictions for inbound travelers.

Technical levels to watch

 

 

Dec 29, 2022

Gold Price Forecast: XAU/USD target range for 2023 set at $1,900 to $2,000 – Wells Fargo

While the commodity bull super-cycle has us positive on Commodities generally, strategists at Wells Fargo are neutral on the Precious Metals sector, w
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Dec 29, 2022

The main tailwind for USD is fading fast – HSBC

USD strength has been a very consistent story over the past two years. However, economists at HSBC note that the main tailwind for the Dollar is quick
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