USD/CAD declines towards 1.3500 as lower US Inflation cements less-hawkish Fed policy – by Sagar_Dua24 USDCAD Fed Inflation Oil RiskAppetite
f a five-day low of around 1.3561 on Tuesday. The major has been exposed to test the psychological support of 1.3500 as the risk-on impulse has strengthened after the release of a soft United States November inflation report. has registered almost a fresh six-month low at 103.59 and is expected to extend its losses further as a sheer decline in United States inflation has accelerated the odds of a slowdown in the current policy tightening pace of the Federal Reserve .
policymakers were already discussing on slowing down the current interest rate hike to avoid financial risks. Now, a significant decline in inflation has bolstered the expectations. dropped to 7.1% from the expectations of 7.3% and the former release of 7.7%. Thanks to a decline in the cost of gasoline and prices of ultimate goods at the factory gate, which has resulted in a slowdown in inflationary pressures. Also, the core inflation that excludes oil and food prices declined to 6.0% vs.
On the oil front, oil prices have corrected after hitting $76.00 as a cool-off in ultra-hot US inflation has trimmed weaker economic projections. Meanwhile, investors are keeping an eye on oil inventories reported by the Energy Information Administration for fresh cues. It is worth noting that Canada is a leading oil exporter to the US and higher
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