Oct 05, 2022
VOT Research Desk
Analytical Viewpoint
The USD/CAD continued to rise during the American session.
On the day, WTI became positive above $87 due to an OPEC+ decision.
After US statistics, DXY is up more than 1% per day.
The second half of the day saw USD/CAD maintain its upward trend; it reached a daily high of 1.3696 before dipping marginally lower. The price of the pair was 1.3670 as of the writing, up 1.2% on the day.
|
Today last price |
1.3676 |
|
Today Daily Change |
0.0158 |
|
Today Daily Change % |
1.17 |
|
Today daily open |
1.3518 |
Crude Oil
During the American trading session, the price of crude oil rose, and a barrel of West Texas Intermediate (WTI), which had spent the most of the day down, crossed the $87 mark. WTI gained on news that OPEC+ has decided to cut its daily supply by 2 million barrels. Additionally, the US crude oil supplies decreased more than anticipated in the week ending September 30 according to the EIA. However, after the positive US statistics, the dollar’s strength took center stage in the USD/CAD market. At 111.55, the US Dollar Index was last spotted up 1.2% on the day.
In September, private sector employment climbed by 208,000, more than the 200,000 economists had predicted, according to ADP. The Employment component of the ISM’s Services PMI survey also increased, from 50.2 to 53, indicating that employment in the service industry expanded at a faster rate in September than it did in August.
Following the release of this data, the likelihood of a rate increase of 75 basis points in November rose beyond 70%, indicating that hawkish Fed bets are driving market activity. Participants in the market will be eagerly watching the US and Canadian September jobs figures on Friday.
