Forex
Home›Forex›Major Pairs›USD/CAD rises as dollar rebounds and risk sentiment im…
USD/CAD rises as dollar rebounds and risk sentiment improves
The pair was last around 1.4114, after bouncing from 1.4070, with crude weakness leaving USD flow and Fed versus BoC expectations in focus.
USD/CAD edged higher on Monday as the US dollar rebounded after opening the week with a bearish gap, trimming earlier losses, according to FXStreet.
The greenback initially weakened when a temporary pause in US and Iran attacks improved risk sentiment, but the move did not fully lift Canada-linked assets as oil prices gave back most of last week’s gains.
At the time of writing, USD/CAD traded around 1.4114 after bouncing from an intraday low near 1.4070, while West Texas Intermediate was near $82.70 per barrel after an intraday low around $81.28, still down more than 7% on the day.
FXStreet said market expectations are tilting toward further US interest rate hikes versus the Bank of Canada, and noted USD/CAD remains above the 50-day and 100-day SMAs near 1.4030 and 1.3883, with resistance around 1.4120 in the near term.