# USD/CAD sticks to modest recovery gains, upside remains capped amid rising oil prices — Octa

> USD/CAD held modest recovery gains around the 200-day moving average on May 31, 2022, after touching its lowest since April 22. Fed Governor Waller backed 50 basis point hikes, and the pair stayed capped by rising oil prices.

- Date: 2022-05-31 · published 2022-05-31T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/41651-usd-cad-sticks-to-modest-recovery-gains-upside-remains-capped-amid-rising-oil
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

Expectations of aggressive US rate hikes support the dollar against commodity currencies, while firm oil prices limit the upside for USD/CAD. Price direction is driven mainly by rate and risk sentiment.

## Read by commodity

- USDCAD: neutral

## Sources

- octaafrica.net: https://www.octaafrica.net/markets/news/view/974520/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.