{"id":26870,"date":"2024-02-28T10:52:39","date_gmt":"2024-02-28T10:52:39","guid":{"rendered":"https:\/\/www.xtrememarkets.com\/?p=26870"},"modified":"2024-02-28T10:52:39","modified_gmt":"2024-02-28T10:52:39","slug":"usd-cad-nears-two-week-high-oil-price-surge-may-limit-gains-before-us-data","status":"publish","type":"post","link":"https:\/\/www.xtrememarkets.com\/US\/usd-cad-nears-two-week-high-oil-price-surge-may-limit-gains-before-us-data\/","title":{"rendered":"USD\/CAD Nears Two-Week High, Oil Price Surge May Limit Gains Before US Data"},"content":{"rendered":"<h1><strong>USD\/CAD Nears Two-Week High, Oil Price Surge May Limit Gains Before US Data<\/strong><\/h1>\n<p><span style=\"font-weight: 400;\">The USD\/CAD currency pair has been on a rising trend for the fourth consecutive day, reaching a near two-week peak around the 1.3545 mark during the Asian <a href=\"https:\/\/www.xtrememarkets.com\/US\/\"><strong>trading<\/strong><\/a> session on Wednesday. This upward movement is largely driven by an increased demand for the US Dollar (USD). However, the surge in Crude Oil prices might limit any further gains for the pair.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tuesday&#8217;s US Durable Goods Orders data, which came in below expectations, initially caused a stir in the market but the impact was short-lived. The market is gradually coming to terms with the likelihood that the Federal Reserve (Fed) will maintain higher interest rates for an extended period. This sentiment has bolstered the USD Index (DXY), which compares the USD against a group of other currencies. The DXY&#8217;s recovery from its 200-day Simple Moving Average (SMA) is providing additional support to the USD\/CAD pair.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, several factors could dampen the USD&#8217;s strength. The potential for a US government shutdown, a recent decrease in US Treasury bond yields, and a rally in global equity markets that indicate a risk-on mood, may all pose challenges to the USD, often considered a safe-haven asset. On the other side, the Canadian Dollar (Loonie), closely tied to commodity prices, is getting a boost from high Crude Oil prices, which are hovering near their monthly high reached on Tuesday. This strength in the oil market could check further gains in the USD\/CAD pair, making it a cautious play for those betting on a bullish trend.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additional support for oil prices comes from talks of extended production cuts by OPEC+ and recent attacks on ships in the Red Sea by Iran-aligned Houthis from Yemen. These developments support the Loonie and could prevent significant appreciation in the USD\/CAD pair. Traders are also likely to adopt a wait-and-see approach in anticipation of the US Personal Consumption Expenditures Price Index due on Thursday.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This critical US inflation data is expected to provide new insights into the Fed&#8217;s interest rate strategy, influencing USD demand and shaping the future direction of the USD\/CAD pair. In the short term, traders will look for trading opportunities based on the upcoming Preliminary US GDP figures for Q4 and speeches from key Federal Open Market Committee (FOMC) members, which are scheduled later in the North American session.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>USD\/CAD Nears Two-Week High, Oil Price Surge May Limit Gains Before US Data The USD\/CAD currency pair has been on a rising trend for the fourth consecutive day, reaching a near two-week peak around the 1.3545 mark during the Asian trading session on Wednesday. This upward movement is largely driven by an increased demand for<\/p>\n... <a href=\"https:\/\/www.xtrememarkets.com\/US\/usd-cad-nears-two-week-high-oil-price-surge-may-limit-gains-before-us-data\/\">continue reading<\/a>.","protected":false},"author":1,"featured_media":26871,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[198],"tags":[265,398,340,217,2341,558,539,300,201,2311],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v16.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>USD\/CAD Nears Two-Week High, Oil Price Surge May Limit Gains<\/title>\r\n<meta name=\"description\" content=\"The USD\/CAD currency pair has been on a rising trend for the fourth consecutive day, reaching a near two-week peak around\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.xtrememarkets.com\/US\/usd-cad-nears-two-week-high-oil-price-surge-may-limit-gains-before-us-data\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"USD\/CAD Nears Two-Week High, Oil Price Surge May Limit Gains\" \/>\r\n<meta property=\"og:description\" content=\"The USD\/CAD currency pair has been on a rising trend for the fourth consecutive day, reaching a near two-week peak around\" \/>\r\n<meta property=\"og:url\" content=\"https:\/\/www.xtrememarkets.com\/US\/usd-cad-nears-two-week-high-oil-price-surge-may-limit-gains-before-us-data\/\" \/>\r\n<meta property=\"og:site_name\" content=\"Xtreme Markets\" \/>\r\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/xtreamforex.official\/\" \/>\r\n<meta property=\"article:published_time\" content=\"2024-02-28T10:52:39+00:00\" \/>\r\n<meta property=\"og:image\" content=\"https:\/\/www.xtrememarkets.com\/US\/wp-content\/uploads\/2024\/02\/Oil-Price-Surge-May-Limit-Gains-Before-US-Data.png\" \/>\r\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\r\n\t<meta property=\"og:image:height\" content=\"628\" \/>\r\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\r\n<meta name=\"twitter:creator\" content=\"@xtreamforex\" \/>\r\n<meta name=\"twitter:site\" content=\"@xtreamforex\" \/>\r\n<meta name=\"twitter:label1\" content=\"Est. reading time\">\n\t<meta name=\"twitter:data1\" content=\"2 minutes\">\r\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":[\"Organization\",\"Place\"],\"@id\":\"https:\/\/www.xtrememarkets.com\/US\/#organization\",\"name\":\"Xtreamforex\",\"url\":\"https:\/\/www.xtrememarkets.com\/US\/\",\"sameAs\":[\"https:\/\/www.facebook.com\/xtreamforex.official\/\",\"https:\/\/www.instagram.com\/xtreamforex.official\/\",\"https:\/\/in.linkedin.com\/company\/xtream-forex\",\"https:\/\/www.youtube.com\/channel\/UCbbTuJV9XhurjZciRLdvFBg\",\"https:\/\/www.pinterest.com\/xtreamforex_trading\/\",\"https:\/\/twitter.com\/xtreamforex\"],\"logo\":{\"@id\":\"https:\/\/www.xtrememarkets.com\/US\/usd-cad-nears-two-week-high-oil-price-surge-may-limit-gains-before-us-data\/#local-main-organization-logo\"},\"image\":{\"@id\":\"https:\/\/www.xtrememarkets.com\/US\/usd-cad-nears-two-week-high-oil-price-surge-may-limit-gains-before-us-data\/#local-main-organization-logo\"},\"openingHoursSpecification\":[{\"@type\":\"OpeningHoursSpecification\",\"dayOfWeek\":[\"Monday\",\"Tuesday\",\"Wednesday\",\"Thursday\",\"Friday\",\"Saturday\",\"Sunday\"],\"opens\":\"09:00\",\"closes\":\"17:00\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.xtrememarkets.com\/US\/#website\",\"url\":\"https:\/\/www.xtrememarkets.com\/US\/\",\"name\":\"Xtreme Markets\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/www.xtrememarkets.com\/US\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":\"https:\/\/www.xtrememarkets.com\/US\/?s={search_term_string}\",\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.xtrememarkets.com\/US\/usd-cad-nears-two-week-high-oil-price-surge-may-limit-gains-before-us-data\/#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/www.xtrememarkets.com\/US\/wp-content\/uploads\/2024\/02\/Oil-Price-Surge-May-Limit-Gains-Before-US-Data.png\",\"contentUrl\":\"https:\/\/www.xtrememarkets.com\/US\/wp-content\/uploads\/2024\/02\/Oil-Price-Surge-May-Limit-Gains-Before-US-Data.png\",\"width\":1200,\"height\":628,\"caption\":\"Oil Price Surge May Limit Gains\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.xtrememarkets.com\/US\/usd-cad-nears-two-week-high-oil-price-surge-may-limit-gains-before-us-data\/#webpage\",\"url\":\"https:\/\/www.xtrememarkets.com\/US\/usd-cad-nears-two-week-high-oil-price-surge-may-limit-gains-before-us-data\/\",\"name\":\"USD\/CAD Nears Two-Week High, Oil Price Surge May Limit Gains\",\"isPartOf\":{\"@id\":\"https:\/\/www.xtrememarkets.com\/US\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.xtrememarkets.com\/US\/usd-cad-nears-two-week-high-oil-price-surge-may-limit-gains-before-us-data\/#primaryimage\"},\"datePublished\":\"2024-02-28T10:52:39+00:00\",\"dateModified\":\"2024-02-28T10:52:39+00:00\",\"description\":\"The USD\/CAD currency pair has been on a rising trend for the fourth consecutive day, reaching a near two-week peak around\",\"breadcrumb\":{\"@id\":\"https:\/\/www.xtrememarkets.com\/US\/usd-cad-nears-two-week-high-oil-price-surge-may-limit-gains-before-us-data\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.xtrememarkets.com\/US\/usd-cad-nears-two-week-high-oil-price-surge-may-limit-gains-before-us-data\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.xtrememarkets.com\/US\/usd-cad-nears-two-week-high-oil-price-surge-may-limit-gains-before-us-data\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"item\":{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.xtrememarkets.com\/US\/\",\"url\":\"https:\/\/www.xtrememarkets.com\/US\/\",\"name\":\"Home\"}},{\"@type\":\"ListItem\",\"position\":2,\"item\":{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.xtrememarkets.com\/US\/usd-cad-nears-two-week-high-oil-price-surge-may-limit-gains-before-us-data\/\",\"url\":\"https:\/\/www.xtrememarkets.com\/US\/usd-cad-nears-two-week-high-oil-price-surge-may-limit-gains-before-us-data\/\",\"name\":\"USD\/CAD Nears Two-Week High, Oil Price Surge May Limit Gains Before US Data\"}}]},{\"@type\":[\"Article\",\"NewsArticle\"],\"@id\":\"https:\/\/www.xtrememarkets.com\/US\/usd-cad-nears-two-week-high-oil-price-surge-may-limit-gains-before-us-data\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.xtrememarkets.com\/US\/usd-cad-nears-two-week-high-oil-price-surge-may-limit-gains-before-us-data\/#webpage\"},\"author\":{\"@id\":\"https:\/\/www.xtrememarkets.com\/US\/#\/schema\/person\/7174bacf55d9f2c6a7277328b874a5b0\"},\"headline\":\"USD\/CAD Nears Two-Week High, Oil Price Surge May Limit Gains Before US Data\",\"datePublished\":\"2024-02-28T10:52:39+00:00\",\"dateModified\":\"2024-02-28T10:52:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.xtrememarkets.com\/US\/usd-cad-nears-two-week-high-oil-price-surge-may-limit-gains-before-us-data\/#webpage\"},\"publisher\":{\"@id\":\"https:\/\/www.xtrememarkets.com\/US\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.xtrememarkets.com\/US\/usd-cad-nears-two-week-high-oil-price-surge-may-limit-gains-before-us-data\/#primaryimage\"},\"keywords\":\"business,currency pair,FOMC,Fundamental news,Oil Price,US Data,US Inflation Data,USD\/CAD,xtreamforex,Xtreme Markets\",\"articleSection\":\"Fundamental Analysis\",\"inLanguage\":\"en-US\",\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\/\/www.xtrememarkets.com\/US\/#organization\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.xtrememarkets.com\/US\/#\/schema\/person\/7174bacf55d9f2c6a7277328b874a5b0\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.xtrememarkets.com\/US\/#personlogo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/2e3f4cb7720cd513c664cc42f8ca1461?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/2e3f4cb7720cd513c664cc42f8ca1461?s=96&d=mm&r=g\",\"caption\":\"admin\"},\"sameAs\":[\"http:\/\/localhost\/xtreamforex\"]},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.xtrememarkets.com\/US\/usd-cad-nears-two-week-high-oil-price-surge-may-limit-gains-before-us-data\/#local-main-organization-logo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/www.xtrememarkets.com\/US\/wp-content\/uploads\/2024\/02\/image_2024_02_23T12_39_46_331Z.png\",\"contentUrl\":\"https:\/\/www.xtrememarkets.com\/US\/wp-content\/uploads\/2024\/02\/image_2024_02_23T12_39_46_331Z.png\",\"width\":800,\"height\":500,\"caption\":\"Xtreamforex\"}]}<\/script>\r\n<!-- \/ Yoast SEO Premium plugin. -->","_links":{"self":[{"href":"https:\/\/www.xtrememarkets.com\/US\/wp-json\/wp\/v2\/posts\/26870"}],"collection":[{"href":"https:\/\/www.xtrememarkets.com\/US\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.xtrememarkets.com\/US\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.xtrememarkets.com\/US\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.xtrememarkets.com\/US\/wp-json\/wp\/v2\/comments?post=26870"}],"version-history":[{"count":1,"href":"https:\/\/www.xtrememarkets.com\/US\/wp-json\/wp\/v2\/posts\/26870\/revisions"}],"predecessor-version":[{"id":26872,"href":"https:\/\/www.xtrememarkets.com\/US\/wp-json\/wp\/v2\/posts\/26870\/revisions\/26872"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.xtrememarkets.com\/US\/wp-json\/wp\/v2\/media\/26871"}],"wp:attachment":[{"href":"https:\/\/www.xtrememarkets.com\/US\/wp-json\/wp\/v2\/media?parent=26870"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.xtrememarkets.com\/US\/wp-json\/wp\/v2\/categories?post=26870"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.xtrememarkets.com\/US\/wp-json\/wp\/v2\/tags?post=26870"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}