USD/CAD prints three-day downtrend amid firmer Oil price, broad US Dollar weakness amid sluggish markets.Downbeat Fed signals join cautious optimism elsewhere to weigh on US Dollar.Oil price cheers softer greenback, hopes of more energy demand and supply crunch woes.BoC is likely to stand pat and may prod Loonie pair sellers but US inflation, FOMC Minutes are the key.
USD/CAD renews weekly low around 1.3450 as it drops for the third consecutive day during early Wednesday in Europe.
The Loonie pair’s latest gains could be linked to the firmer prices of Canada’s main export item, namely WTI crude oil, as well as broad-based US Dollar weakness, ahead of the key catalysts. Among them, Bank of Canada (BoC) Interest Rate Decision, US Consumer Price Index (CPI) for March and the Minutes of the latest Federal Open Market Committee (FOMC) Monetary Policy Meeting gain major attention.
That said, WTI crude oil clings to mild gains around $81.50 as optimism surrounding China, one of the world’s largest energy user, joins fears supply crunch led by the OPEC group. Also fueling the black gold prices could be the geopolitical tension emanating from Russia, China and North Korea.
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