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3 Nov 2021

USD/CAD holds gains above 1.2400 amid WTI sell-off, Fed eyed

  • USD/CAD holds a two-day uptrend amid a pause in the USD advance.
  • WTI slips on a weekly build in the US crude stockpiles, cautious mood.
  • All eyes on the Fed decision, US economic data also remain in focus.

USD/CAD is holding the higher ground above 1.2400, flirting with four-day tops near 1.2425, as the bulls cheer the sell-off in WTI prices ahead of the critical US events.

The bullish undertone in the major can be associated with the sell-off in WTI prices, in the face of a weekly climb in the US crude inventories, per the American Petroleum Institute’s (API) latest data. The API data showed that US crude supplies rose by 3.6 million barrels for the week ended Oct. 29.

On the other side, a pause in the US dollar’s rebound is making it an uphill battle for the USD/CAD bulls to extend the further upside. The dollar bulls turn on the sidelines ahead of the all-important Fed decision, with tapering on the cards.

Although it’s the Fed’s outlook on the interest rates and inflation that will be crucial for the financial markets in the coming months.

 

more to come ...

Nov 3, 2021

USD/INR Price News: Indian rupee ignores options market signal to refresh monthly top ahead of Fed

USD/INR consolidates intraday losses around a one-month low, picking up bids to 74.61 heading into Wednesday’s European session. In doing so, the Indi
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Nov 3, 2021

Gold Futures: Extra downside seen limited

Open interest in gold futures markets shrank by around 1.5K contracts on Tuesday, partially reversing the previous build considering preliminary figur
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