USD/CAD inches higher to near 1.3540, focus on Canadian CPI, Fed policy

USD/CAD appreciates to continue its winning streak on Monday. US Dollar could gain ground on expectations of the Fed maintaining higher interest rates to combat inflation. The higher WTI price could limit the losses of the Canadian Dollar. The US Dollar could be bolstered by expectations that the Federal Reserve will uphold its narrative of maintaining higher interest rates to combat inflation, which could further mitigate significant downside for the USD/CAD pair.

90 per barrel, by the press time. The positive momentum in Crude oil prices is driven by concerns over supply disruptions due to heightened geopolitical risks. Traders are likely anticipating the release of the Canadian Consumer Price Index data scheduled for Tuesday. Expectations suggest that the year-over-year consumer price will show an increase in February. A higher reading in the CPI could contribute a bullish sentiment for the Loonie Dollar .

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USD/CAD IG Client Sentiment: Our data shows traders are now net-short USD/CAD for the first time since Feb 15, 2024 14:00 GMT when USD/CAD traded near 1.35.Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger USD/CAD-bullish contrarian trading bias.
Source: DailyFX - 🏆 305. / 63 Read more »

USD/CAD IG Client Sentiment: Our data shows traders are now net-short USD/CAD for the first time since Mar 06, 2024 15:00 GMT when USD/CAD traded near 1.35.Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger USD/CAD-bullish contrarian trading bias.
Source: DailyFX - 🏆 305. / 63 Read more »