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The USD/CAD pair jumped on risk-off impulse, spurred by geopolitical tensions between the US and China.
The USD/CAD climbs above the 50-day EMA, due to several factors, including the visit of US House Speaker Nancy Pelosi to Taiwan and increasing tensions between the US and China. That alongside expectations of the Federal Reserve pushing back against a perceived “dovish” tilt when Chair Powell acknowledged that spending and production softened.
The USD/CAD is trading at 1.2857 after hitting a daily low of 1.2835, then bouncing off the daily lows and climbing to its daily high at 1.2887.
Global equities are under pressure. As reports that the plane of House speaker Pelosi landed, the dust begins to settle down, and equities are back in the red territory. Earlier, US data showed signs of constraints in the labour market, as the US JOLTS Openings reported that vacancies fell to 10.7 million, its lowest since September 2021.
