– Cautious start to busy week.
– FOMC meeting headlines risk events
– US dollar opens narrowly mixed after subdued overnight session.
USDCAD snapshot open 1.3316-20, overnight range 1.3302-1.3352, close 1.3122, WTI $79.76, Gold $1930.51
The Canadian dollar traded erratically in a narrow range while maintaining a somewhat bullish bias. The Canadian dollar is benefitting from hopes the Fed scales back its tightening program, from hopes for a US soft landing and steady to higher oil prices.
The Canadian dollar isn’t any worse for wear after the Bank of Canada announced it planned to hold interest rates at its “current level while they asses the impact of the cumulative 425-basis point increase in the policy rate.”
Some analysts and traders are anticipating that the BoC will cut rates before the end of the year. Meanwhile, Fed officials have indicated that US rates will rise further and remain in restrictive territory … Read more