We recently noticed that some third-party companies and individuals impersonated the TOPONE Markets brand and illegally misappropriated our trademarks.

We Hereby Reiterate Our Statement:

  • TOPONE Markets does not provide discretionary account operation trading services, nor does it cooperate with other third-party vendors and/ or agents to provide such services.
  • TOPONE Markets staff will not promise to our customer the definite profit, please do not trust any kind of the profit promise or profit related picture, such as screenshot/ chat history, etc, all investment profit can be only viewed on our official website and application.
  • TOPONE Markets is a professional online trading platform with low spreads and zero handling fees. Be wary of any behavior that asks you for any fees directly and privately. TOPONE Markets does not charge a fee at any stage of its trading process or other fee.

If you have any questions or concerns, please feel free to reach us by clicking the "Online Customer Support" or send an email to our customer care team cs@top1markets.com. We will answer your questions and assist you promptly.

Understood
We use cookies to learn more about how you use our website and what we can improve. Continue to use our website by clicking "Accept". Details
This website does not provide services to residents of United States.
Market News USD/CAD Adheres To Modest Gains Below 1.3500 As Oil Price Pares Recent Gains And The US Dollar Advances

USD/CAD Adheres To Modest Gains Below 1.3500 As Oil Price Pares Recent Gains And The US Dollar Advances

The USD/CAD approaches an intraday peak while trimming weekly losses. The price of oil retreats from its weekly peak after reaching its highest level in two weeks. Concerns about the US debt ceiling reduce risk, but the US Dollar remains stronger. Second-tier US/Canada data and risk catalysts are scrutinized for direction clarity.

TOP1 Markets Analyst
2023-05-18
12218

USD:CAD.png 

 

Heading into Thursday's European session, USD/CAD oscillates near the intraday high of 1.3470-75. Buyers of the Loonie-U.S. Dollar pair applaud the recent decline in Oil prices and the US Dollar's strength at the multi-day high despite the market's lethargic performance.

 

In spite of this, WTI crude Oil posts slight losses close to $72.60 as it consolidates the largest daily gains in two weeks amidst slightly unsettling market conditions. The strength of the US Dollar and expectations of sluggish energy demand, primarily as a result of weaker China data and Western recession concerns, bolster the adverse sentiment surrounding black gold.

 

With this, US Dollar Index (DXY) purchasers maintain control at the highest levels in seven weeks, bidding mildly near 102.90 at the time of publication.

 

Notably, the recent increase in bullish wagers surrounding the Fed's 0.25% rate hike in June, to around 20% at the latest compared to prior expectations favoring no such actions in 2023, favors US Dollar bulls. US President Joe Biden and House Speaker Kevin McCarthy managed to persuade the markets that they can work together to avoid a 'catastrophic' default, which bolstered the market's appetite for risk and boosted the US Dollar.

 

S&P500 Futures post modest losses despite Wall Street's ebullient close, while US Treasury bond yields remain stationary at a multi-day high. Consequently, the US 10-year and 2-year Treasury bond yields rose to their greatest levels since May 1 and April 24 while displaying a four-day uptrend near 3.57 percent and 4.16 percent, respectively, before easing to 3.57 percent and 4.14 percent at press time.

 

In the near future, the weekly US Jobless Claims and Philadelphia Fed Manufacturing Survey will join the Canadian Employment Insurance Beneficiaries Change and New Housing Price Index to keep intraday USD/CAD traders entertained. Above all else, risk catalysts are vital for establishing direction.


Bonus rebate to help investors grow in the trading world!

Need Assistance?

7×24 H

Download the APP for Free