USD/CAD climbs back closer to overnight swing high amid sliding oil prices, stronger USD By HareshMenghani USDCAD Ukraine Fed NFP Currencies
Declining crude oil prices underpinned the loonie and acted as a tailwind amid sustained USD buying.The USD/CAD pair
A combination of factors assisted the USD/CAD pair to gain traction for the second successive day on Friday, with bulls now looking to build on this week's recovery from the YTD low. Crude oil prices added to the overnight losses and continued losing ground through the first half of the trading on the last day of the week. This, in turn, undermined the commodity-linked loonie and acted as a tailwind for the major amid some follow-through US dollar buying interest.
On the other hand, fading hopes for a de-escalation in the Ukraine war drove some haven flows towards the greenback, which was further supported by hawkish Fed expectations. In fact, the markets seem convinced that the Fed would adopt a more aggressive policy stance and hike interest rate by 100 bps over the next two policy meetings to combat stubbornly high inflation. The bets were reaffirmed by Thursday's release of the US Core PCE Price Index, which rose to 5.4% YoY in February.
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