The USD/CAD pair has slipped lower after displaying a back-and-forth action round 1.3360 in the early European session. The Loonie asset has sensed selling pressure as the US Dollar Index (DXY) has witnessed exhaustion in the bullish momentum after meeting the critical resistance of 101.80. Also, oil prices are rangebound, which has paused the Canadian Dollar. The USD Index has corrected to near 101.64 and is not showing any sign of recovery, at the time of writing.
It is worth noting that Canada is the leading exporter of oil to the United States and a change in oil price critically impacts the Canadian Dollar.
S&P500 futures generated some gains in early Asia and are managing to hold themselves, portraying a recovery in the risk appetite theme. US equities were mildly bearish on Friday as chances for consecutive 25 basis points (bps) rate hikes from the Federal Reserve (Fed) remained solid despite the release of the downside United States Retail Sales data. Also, American stocks are showing stock-specific action amid the quarterly result season.
The demand for US government bonds seems subdued as investors are divided on whether to turn bullish on the economy on expectations that the Federal Reserve will pause the rate-hiking spell sooner or to remain cautious about one more 25 bps rate hike from the Federal Reserve. Yields offered on 10-year US Treasury bonds are hovering around 3.52%.
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