By Ketki Saxena

Investing.com – The Canadian Greenback began the day on the again foot in opposition to its US counterpart, as crude costs weighed on the commodity linked .

In a day of up and down buying and selling, the loonie confronted stress in opposition to most main currencies, however managed to kind of maintain its in opposition to the US via the tip of the buying and selling day.

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The US greenback remained comfortable throughout the board as US Treasury yields declined and, forward of key CPI knowledge, as traders adjusted expectations for rate of interest cuts from the US Federal Reserve.

Markets at the moment are 5 Fed charge cuts in 2024, with a maintain anticipated in January however cuts anticipated in March and Might.

Wanting forward for the pair, analysts at Scotiabank (TSX:) notice, “The weekly chart exhibits a bullish ‘hammer’ candle developed via the flip of the 12 months.”

“A excessive shut for the USD final week – regardless of the hefty intraday swings within the USD Friday – provides emphasis to the bullish sample of commerce and helps the outlook for some further, corrective positive factors within the USD within the subsequent few weeks in the direction of 1.34/1.35.:

“Good points via excessive/low resistance at 1.3390/1.3400 will add to near-term bullish momentum.”