USD/CAD consolidates in a range below 1.3700 mark, bullish potential seems intact

USD/CAD lacks firm intraday direction and consolidates below the YTD top set on Thursday. An uptick in Oil prices underpins the Loonie and caps the upside amid subdued USD demand. Reduced Fed rate cut bets favors USD bulls and support prospects for further near-term gains. The USD/CAD pair oscillates in a narrow trading band during the Asian session on Friday and for now, seems to have stalled the previous day's late pullback from its highest level since November 22.

Investors also pared their bets for the number of rate cuts of 25 basis points this year to fewer than two, or roughly 42 bps, from about three or four a few weeks ago. This remains supportive of elevated US Treasury bond yields and assists the USD to stand tall near its highest level since November touched on Thursday, validating the near-term positive outlook for the USD/CAD pair. Even from a technical perspective, the post-US CPI strength above the 1.3600-1.

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