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The USD/CAD pair has retraced from its one-week high recorded yesterday as we head into the London session on Tuesday.
The recent pullback in oil prices, Canada’s key export item, appears to be behind the recent surge in the Loonie pair. At press time, the WTI crude oil trades down by -1.02% at $93.74 per barrel after retracing from a seven-month high on overbought conditions.
Another factor that bolstered the recent price action of the USD/CAD pair is the steady recovery recorded in the dollar index (DXY) due to the risk-off mood triggered by the ongoing Russia-Ukraine tensions. Recent reports of satellite images showing significant pre-war preparations around the Russia-Ukraine border have weighed heavily on market sentiment, which in turn, favored the greenback.
Meanwhile, hopes of bringing the ongoing truckers’ protests under control have frustrated USD/CAD bears from perpetuating a bearish sentiment. Providing updates on the ongoing crisis, Reuters recently reported: “Canadian Prime Minister Justin Trudeau on Monday activated rarely used emergency powers in an effort to end protests that have shut some US border crossings and paralyzed parts of the capital.”
USD/CAD Investors to Focus on Macroeconomic Developments Around the Globe
In other news, the US Treasury yields currently trade in intraday losses near 1.98%, down by 1.5 basis points, while the S&P 500 Futures remained unchanged. Yesterday, the bond coupons gained a mild bullish sentiment after retracing from a two and a half year high on Friday, as the Wall Street benchmark saw a sea of red, despite a solid start to the week.
Moving on, market participants will have their eyes on the US Producer Price Index (PPI) for the January data report later today. Nonetheless, investors must remain in tune with headlines from developments around the Russia-Ukraine tensions, comments from US Fed members, and Canadian political developments for clues.
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