USD/CAD drops to fresh multi-week low, further below 1.3400 amid weaker USD/rallying oil prices – by hareshmenghani USDCAD BOC China Fed Currencies
orth American session on Monday. The pair is currently placed around the 1.3380-1.3375 region, down nearly 0.50% for the day, and is pressured by a combination of factors.
The Canadian Dollar continues to draw support from Friday's upbeat domestic employment details, which raised expectations for additional rate hikes by the Bank of Canada. Adding to this, a strong intraday rally of over 3% in crude oil prices, bolstered by China’s biggest pivot away from its strict zero-COVID policy, underpins the commodity-linked Loonie.
That said, worries about a deeper global economic downturn keep a lid on the optimism in the markets, which could help limit losses for the USD. Nevertheless, thepair confirms a bearish breakdown below a technically significant 100-day SMA. Moreover, a subsequent slide below the 1.3400 mark could be seen as a fresh trigger for bearish traders.
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