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19 Aug 2020

USD/CAD climbs above 1.3200 on broad USD strength

  • USD/CAD rose above 1.3200 as USD continues to gather strength.
  • FOMC Minutes provided a boost to US T-bond yields.
  • US Dollar Index extends daily rebound beyond 93.00.

The USD/CAD extended its daily rebound in the American session and rose above 1.3200. As of writing, the pair was up 0.35% on the day at 1.3213.

DXY soars after FOMC Minutes

The minutes of the FOMC's July meeting showed on Wednesday that most policymakers acknowledged costs to yield caps and targets including the rapid expansion of the balance sheet. Moreover, policymakers saw difficulties in "design and communication" with respect to yield curve control.  

These remarks provided a boost to US Treasury bond yield and allowed the US Dollar Index to extend its rally. At the moment, the 10-year US T-bond yield is up 1.5% on the day and the DXY is gaining 0.72% at 93.00.

On the other hand, rising crude oil prices seems to be helping the CAD show some resilience for the time being. The barrel of West Texas Intermediate was last seen gaining 0.75% on a daily basis at $42.85.

Commenting on the energy demand outlook, "based on the average projections of various institutions, including OPEC, EIA and the IEA, it is estimated that the world will reach about 97% of pre-pandemic oil demand during the fourth quarter," Saudi Arabia's energy minister Prince Abdulaziz bin Salman told reporters ahead of OPEC+ JMMC meeting.

Technical levels to watch for

 

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