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USD/CAD prods yearly bottom below 1.3200 as US Dollar fails to cheer hawkish Fed clues, Oil price rally
USD/CAD stays on the back foot at the lowest levels since September 2022, after refreshing the yearly low with the biggest daily fall in a week the previous day. That said, the Loonie pair licks its wounds near 1.3160 as markets seek more clues to extend the latest fall amid firmer Oil price and the US Dollar weakness. US Dollar Index (DXY) printed the first daily loss in four the previous day despite hawkish comments from Federal Reserve (Fed) Chairman Jerome Powell’s bi-annual testimony to the US House Financial Services Committee. The reason could be linked to the absence of any fresh comments, as well as ... (full story)