Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The USD/CAD pair has erased some of Monday’s losses and is now gaining about 0.24% at the time of writing.
The diminished market sentiment keeps safe haven currencies like the US dollar in a positive situation. Investors brace for US Consumer Price Index for July, with headline inflation estimated to fall.
The USD/CAD slightly advances from around Monday’s lows amidst a negative market sentiment due to traders preparing for July’s US inflation report. Also, geopolitical jitters, spurred by US House Speaker Pelosi’s trip to Taiwan, caused an aggressive reaction from China, extending its military drills beyond the due date.
The USD/CAD is trading at 1.2884 above its opening price after hitting a daily low at 1.2843 early in the North American session.
The USD/CAD Tuesday’s price action is driven by investors preparing for US CPI. Last Friday’s US jobs report poured cold water on recession fears after creating 528K new jobs in the economy, consequently driving down the unemployment rate to 3.5%.
