USD/CAD rebounds to near 1.3750 due to hawkish Fed officials

USD/CAD edges higher after the hawkish remarks from the Fed officials. The higher US Treasury yields are supporting the US Dollar. BoC interest rate cut has moderated after Canadian business confidence reached a two-year high. Investor expectation of the Federal Reserve’s maintaining higher interest rates for longer has pushed the US Treasury yields higher. This has contributed support for the US Dollar , underpinning the USD/CAD pair.

This marked the ninth consecutive monthly increase, hitting its highest level in two years, indicating robust sentiment within the private sector. As a result, discussions regarding a potential rate cut by the Bank of Canada have moderated, reflecting the positive momentum in economic indicators. Thursday's data docket lacks any releases related to Canada, leaving the Canadian Dollar susceptible to broader market movements.

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