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Oil prices are surging thanks to ongoing supply constraint concerns, sending the CAD soaring against the USD. The Federal Reserve’s latest rate call is expected to hold steady in the midweek. Economic Calendar sees several high-impact figures for both the USD and CAD this week. The USD/CAD continues to tip to the downside as the Loonie (CAD) gets pushed higher by rising oil prices. Oil prices continue to chew through chart paper, with West Texas Intermediary (WTI) US crude oil marking a fresh high of $91/bbl in Monday trading. The USD/CAD is testing into five-week lows as the US Dollar (USD) gives up ground against the commodity-supported CAD, but the midweek sees the Federal Reserve (Fed) landing with another rate call. Markets are broadly expecting the Federal Open Market Committee (FOMC) to hold steady with interest rates at 5%. Fed’s rate call in the pipe for the mid-week, US data to dominate market reactions Oil prices will be driving the USD/CAD for the early week, but the economic calendar will see plenty of Greenback-based momentum from Wednesday onwards. However, before any of that can happen, the CAD will see Consumer Price Index (CPI) figures for Canada on Tuesday. The […]
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