USD/CAD KeyEventRisk | Fundamental Analysis 12/21
The USD/CAD is up to 1.2930 heading into Tuesday's European session, even though it lost 0.10 percent during the day. As a result, the Loonie/Dollar pair keeps its gains from the previous day close to the year's high.Because people aren't sure how they feel and the US dollar is weakening, the USD/CAD exchange rate is expected to stay under pressure all day long.
For the second day in a row, the US Dollar Index (DXY) has gone down, reversing some of the gains it made on Friday. This is how it looked at press time: The U.S. 10-year Treasury yield didn't change, but stock futures in the U.S. and Europe were both up a little bit. Even if Omicron numbers rise, the bears in the USD/CAD seem to be in the lead because of year-end positioning and policymakers' refusal to lock down. Many people disagreed with these claims, as well as the idea that the US could get a big economic boost.
WTI has gone up 1%, to around $69.60 at the most recent price, because people are more willing to take risks and the US dollar is weaker. It was the first time the price of crude oil fell below $66 a barrel in two weeks. It then rose to $66.15. This is true: Omicron has killed one person in the United States. The WHO and the Centers for Disease Control (CDC) both have warned people about the disease. Buyers of the USD/CAD need to be optimistic, just like Fed rate-hike forecasters do. If we want to know what's going on, we should keep an eye on Joe Biden's national speech from the White House and Canadian retail sales for October, which are both expected to rise by only 0.1% from the previous estimate of 0.6% to 0.7%.
For the second day in a row, the US Dollar Index (DXY) has gone down, reversing some of the gains it made on Friday. This is how it looked at press time: The U.S. 10-year Treasury yield didn't change, but stock futures in the U.S. and Europe were both up a little bit. Even if Omicron numbers rise, the bears in the USD/CAD seem to be in the lead because of year-end positioning and policymakers' refusal to lock down. Many people disagreed with these claims, as well as the idea that the US could get a big economic boost.
WTI has gone up 1%, to around $69.60 at the most recent price, because people are more willing to take risks and the US dollar is weaker. It was the first time the price of crude oil fell below $66 a barrel in two weeks. It then rose to $66.15. This is true: Omicron has killed one person in the United States. The WHO and the Centers for Disease Control (CDC) both have warned people about the disease. Buyers of the USD/CAD need to be optimistic, just like Fed rate-hike forecasters do. If we want to know what's going on, we should keep an eye on Joe Biden's national speech from the White House and Canadian retail sales for October, which are both expected to rise by only 0.1% from the previous estimate of 0.6% to 0.7%.
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