Forex
Canadian Dollar Pulls Back from Two-Month High on Fed Hike Bets
The Canadian Dollar pulled back from its two-month high on Thursday as oil-driven Federal Reserve hike bets lifted the US Dollar.
The USD/CAD pair built on its previous day's bounce from the 1.3900 neighborhood, or a two-month low, and gained follow-through positive traction for the second straight day.
The momentum lifted spot prices to the top end of the weekly range, above 1.3950, thanks to a broadly firmer US Dollar (USD) and hawkish Federal Reserve expectations.
Rising oil prices could underpin the Canadian Dollar and cap the pair ahead of Thursday's US economic data releases, including the Producer Price Index (PPI) and Weekly Initial Jobless Claims.