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USDCAD NEWS : USDCAD refreshes YTD peak, surpasses 1.3500 amid siding Oil prices and stronger USD

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USDCAD NEWS : USDCAD refreshes YTD peak, surpasses 1.3500 amid siding Oil prices and stronger USD

  • USD/CAD spikes to its highest level since January and is supported by a combination of factors.
  • Declining Oil prices undermines the Loonie and acts as a tailwind amid sustained USD buying.
  • A sustained move beyond the 1.3500 mark might have already set the stage for further gains.

USDCAD NEWS : The USD/CAD pair is prolonging the strong weekly uptrend and gaining strong follow-through traction for the fourth successive day on Friday. The momentum remains uninterrupted through the early part of the European session and lifts spot prices to levels beyond the 1.3500 psychological mark, or its highest level since January 6.

Crude Oil prices extend this week’s rejection slide from the 100-day SMA and remain depressed for the fifth straight day, hitting over a one-week low. Investors seem worried that rapidly rising borrowing costs will dampen economic growth and dent fuel demand. This, in turn, weighs on the black liquid, which is seen undermining the commodity-linked Loonie. Apart from this, broad-based US Dollar strength turns out to be another factor providing a goodish lift to the USD/CAD pair.

USDCAD NEWS : In fact, the USD Index, which tracks the Greenback against a basket of currencies, touches a fresh six-week peak amid expectations for further policy tightening by the Fed. The markets seem convinced that the US central bank will stick to its hawkish stance and have been pricing in at least a 25 bps lift-off at the next two FOMC meetings in March and May. This pushes the yield on the benchmark 10-year US government bond to its highest level since late December and boosts the USD.

Apart from this, a fresh leg down in the global equity markets – amid looming recession risks – further benefits the safe-haven buck. The USD/CAD pair’s rally could further be attributed to some technical buying following the overnight breakout through over a two-month-old descending channel. A subsequent move above the 1.3470-1.3475 region and the 1.3500 mark could be seen as a fresh trigger for bullish traders. This might have already set the stage for a further appreciative move.

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FIRST CAPITALS brand is authorized and regulated in various jurisdictions.

First Capitals Limited (www.First Capitals.com/eu) is regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614. The company is also registered with the Financial Conduct Authority of the UK with number 600475.

First Capitals (www.First Capitals.com/uk) is authorised and regulated by the Financial Conduct Authority with license number 777911.

Exinity Limited (www.First Capitals.com/uk) is regulated by the Financial Services Commission of the Republic of Mauritius with an Investment Dealer License bearing license number C113012295.

Card transactions are processed via FT Global Services Ltd, Reg No. HE 335426 and registered address at Ioannis Stylianou, 6, Floor 2, Flat 202 2003, Nicosia, Cyprus, and via Exinity Services Ltd , Reg No. HE 400404 and registered address at Agiou Georgiou Makri, 64, Anna Maria Lena Court, Flat 201, 6037, Larnaca, Cyprus. Address for cardholder correspondence: backoffice@First Capitals.com.. Business location address: FIRST CAPITALS Tower, 35 Lamprou Konstantara, Kato Polemidia, 4156, Limassol, Cyprus.

Exinity Limited is a member of Financial Commission, an international organization engaged in a resolution of disputes within the financial services industry in the Forex market.

Risk Warning: Trading Forex and Leveraged Financial Instruments involves significant risk and can result in the loss of your invested capital. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Trading non-leveraged products such as stocks also involves risk as the value of a stock can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. It is the responsibility of the Client to ascertain whether he/she is permitted to use the services of the FIRST CAPITALS brand based on the legal requirements in his/her country of residence.  Please read FIRST CAPITALS’s full Risk Disclosure.

Regional restrictions: FIRST CAPITALS brand does not provide services to residents of the USA, Mauritius, Japan, Canada, Haiti, Suriname, the Democratic Republic of Korea, Puerto Rico, Brazil, the Occupied Area of Cyprus and Hong Kong. Find out more in the Regulations section of our FAQs.

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