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Old 03-08-2023, 11:40
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Default USD/CAD settles at 1.3350, a one-month high, as the Oil price and US Dollar weaken

The USD/CAD currency pair has stabilized around the 1.3350 mark, a significant one-month high, in a volatile market landscape where key US economic data is keenly anticipated. This relative steadiness is due to a mix of contributing factors, including the decline in Oil prices and a lukewarm performance by the US Dollar Index (DXY).

The recent fluctuations in WTI crude oil prices have been striking. The commodity rose to its highest point since April 17, before abruptly reversing course and suffering its largest losses in six weeks. This sudden swing was instigated by an increase in risk aversion and rising speculation that Oil producers, especially those in OPEC+, are resistant to further production cuts. As per Reutersí sources, the Oil cartel is likely to maintain its current output policies in its upcoming meeting on August 4. Consequently, WTI crude oil prices are currently on a two-day downward trend, trading approximately at $79.20 per barrel, indicating a 0.40% intraday drop.

Conversely, the US Dollar Index (DXY) found some resilience amidst the risk-averse market atmosphere. Boosted by robust US Treasury bond yields, the DXY hit a three-week peak. Moreover, encouraging US ADP Employment Change figures for July added to the positive outlook for the US Dollar. However, a persistent resistance line thatís held for nine weeks is limiting the DXYís gains, keeping the gauge steady against six major currencies at 102.60.

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