USD/CAD climbs above 1.3400, though it struggles to clear the 50-DMA post-US data – by christianborjon USDCAD Majors Macroeconomics
sparked speculation that the Federal Reserve would continue to tighten policy, with forecasts eyeing the Fed Funds Rate at around 5.10%. At the time of writing, the USD/CAD exchange hand sat 1.3422 after hitting a low of 1.3331.
A positive Retail Sales report from the United States bolstered the US Dollar on speculations that theis ways to go to tame elevated inflation. The US Commerce Department revealed that Retail Sales in January increased significantly by 3.0% compared to the previous month, which exceeded the 1.8% growth predicted by analysts. This surge in sales followed two consecutive months of decline.
Hence, the USD/CAD edged toward its daily high at 1.3428 before reversing course below 1.3400. However, the London Fix gave USD/CAD bulls a fresh impulse, with them eyeing a break above the 50-day Exponential Moving Average at 1.3429. On the Canadian side, Housing Starts fell by 13% in January “from the previous month 215,365 dwellings, well below the 240,000 units that economists had expected,” according to Reuters. Even though Canadian bond yields increased, fallingOf late, Industrial Production in the US remained unchanged, as reported by the US Federal Reserve , while output was weaker than foreseen, spurred by higher borrowing costs in the manufacturing sector.
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