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USD/CAD pair is holding below the key 1.4400 level as rising oil prices lend support to the Canadian dollar

Andrew Carson
Andrew Carson

Andrew Carson

Andrew is a professional stock market analyst with a keen...

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Andrew Carson

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The Loonie has benefitted from the ongoing strength in crude, which has maintained upward pressure on the currency. Oil’s bullish momentum comes amid tightening global supply, offering some respite for the Canadian dollar despite broader concerns about inflation and interest rate hikes.

Market participants are now eyeing the upcoming US Producer Price Index (PPI) data, which could influence the pair’s next move. If the data reveals stronger-than-expected inflationary pressures, it could prompt the US Federal Reserve to tighten monetary policy further, which would likely bolster the greenback. Conversely, softer PPI numbers may lead to a more cautious approach by the Fed, potentially weakening the USD.

At the same time, the strengthening oil market continues to overshadow the greenback’s strength, making it difficult for USD/CAD to break above 1.4400. Traders have been weighing the balance between higher US interest rates and Canada’s energy-driven economy, which has supported the Loonie in recent weeks.

Looking ahead, the combination of oil price movements and upcoming inflation data could determine the pair’s direction. Any unexpected shift in oil prices or a surprise in the PPI report could trigger significant volatility, driving USD/CAD either higher or lower from current levels.

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