USD/CAD bears are in control as commodities skyrocket By ross_burland USDCAD Technical Analysis Commodities BOC
. At the time of writing, USD/CAD is down some 0.6% at around the lows of 1.2649 after sliding from a high of 1.2744.
The Canadian dollar strengthened against its US counterpart on Wednesday as commodity prices surged again and the Bank of Canada hiked interestThe Commodity CRB Index has rallied to the highest levels since Sep. 2014 as OPEC+ decided to stick with its schedule of monthly supply increases despite low global inventories:
The price of oil, one of Canada's major exports, touched its highest level in nearly 11 years before paring gains, as supply disruptions mounted following sanctions on Russian banks amid the intensifying war in Ukraine. Additionally, the situation is raising pressure on the West to reach an agreement on the Iran nuclear deal in the immediate term, but negotiations could also be pulled into the geopolitical chaos. In this context, oil prices are likely to continue rising at a fast clip, analysts at TD Securities said.
Meanwhile, Canada's central bank hiked its key interest rate by 25 basis points to 0.50% to help fight inflation and said it would continue with the reinvestment phase of its bond-buying program. The policy statement had a hawkish tone as well. There was another upbeat assessment of the growth''CAD has welcomed theof BoC's 25bp rate hike.
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