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Market News USD/CAD Appears Vulnerable Above 1.3460 As The USD Index Corrects Further And As Traders Watch Canada's Inflation

USD/CAD Appears Vulnerable Above 1.3460 As The USD Index Corrects Further And As Traders Watch Canada's Inflation

In the midst of a further correction in the USD Index, the USD/CAD exchange rate is struggling to maintain a price above 1.3460 at auction. Fed Goolsbee believes that rate increases will have a significant impact in the future. The Bank of Canada will be able to maintain its interest rate policy if inflation in Canada continues to decline.

TOP1 Markets Analyst

2023-05-16

12240

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During the Asian session, the USD/CAD pair is fluctuating in a narrow range above the crucial support level of 1.3460. As the US Dollar Index (DXY) has extended its decline below 102.40, the Canadian dollar is struggling to maintain an auction price above the mentioned support.

S&P500 futures have extended their losses during the Asian session as investor anxiety ahead of US debt-ceiling negotiations increases. A further delay in a positive decision to raise the US Treasury's borrowing limit would generate market volatility, causing the market sentiment to deteriorate. According to Reuters, US House Speaker Kevin McCarthy stated on Monday that "Congressional and White House negotiators were still far apart in talks to raise the debt ceiling and avoid a default."

As expectations for a hiatus in the rate-hiking cycle by the Federal Reserve (Fed) soar, the USD Index's correction has intensified. Austan Goolsbee, president of the Federal Reserve Bank of Chicago, stated on Monday that the effects of rate increases are not yet fully realized. As higher interest rates keep the Consumer Price Index (CPI) under duress, it is probable that U.S. inflation will continue to decline.

On the front of the Canadian Dollar, investors await the publication of Canada's inflation data. According to the preliminary estimates, the core CPI in Canada is expected to decline to 3.9% from 4.3%. The headline CPI is anticipated to decrease to 3.7% from 4.3% in the previous release. In accordance with expectations, Canada's inflation report will permit the Bank of Canada (BoC) to maintain its current monetary policy.

The Financial System Survey (FSS) conducted by the Bank of Canada (BoC) between February 21 and March 10 revealed that confidence in the resilience of the Canadian financial system was at its highest level since the first FSS in 2018.