USD/CAD retreats towards 1.3600 despite downbeat oil prices, US/Canada PMIs eyed – by anilpanchal7 USDCAD RiskAppetite Oil PMI Employment
Risk-aversion, softer oil prices helped buyers to keep the reins before the latest consolidation move.
October’s PMIs for Canada, US will offer immediate directions ahead of Wednesday’s FOMC, Friday’s job numbers. USD/CAD begins Tuesday’s trading on the negative side as it drops to 1.3610 following an upbeat start to the key week. The Loonie pair’s latest pullback fail to take clues from the downbeat prices of Canada’s key export item WTI crude oil, as well as the market’s rush towards the US dollar in search of risk safety. The reason could be linked to the anxiety ahead of important central bank announcements and the monthly employment data.remains pressured for the third consecutive day, down 0.
Elsewhere, downbeat prints of the US activity data might have favored the USD/CAD sellers to take the risk. That said, the US Chicago Purchasing Managers’ Index and Dallas Fed Manufacturing Business Index for October came in at 45.2 and -19.4 versus 47.0 and -15.0 expected respectively. Even so, the market’s fears of hawkish Fed and cautious mood ahead of the key central bank announcements, as well as the employment data, underpinned the US dollar’s demand. Also portraying the sour sentiment were firmer US Treasury yields andLooking forward, Canada’s S&P Global Manufacturing PMI for October, expected 49.2 versus 49.8 prior, will join the US ISM Manufacturing PMI, likely to ease to 50.0 versus 50.9 prior, will direct immediate USD/CAD moves.
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