USD/CAD holds positive ground near 1.3765 amid firmer US Dollar. US Fed is expected to maintain interest rates steady in the range of 5.25%-5.50 in its June meeting on Wednesday The lower crude oil prices weigh on the commodity-linked Loonie, lifting the pair higher. The USD/CAD pair trades in the positive territory around 1.3765 amid the renewed US Dollar demand on Tuesday during the early Asian trading hours.
The US Consumer Price Index inflation data on Wednesday might offer some hints about the inflation trajectory and future monetary policy outlook. The US headline and CPI figure are estimated to show an increase of 3.4% YoY abd e 3.5% YoY in May. Meanwhile, Crude Oil prices edge lower as OPEC ministers said that they would not increase supply if prices remained weak. It's worth noting that Canada is the dominant source ofcrude oil imports for the United.
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Source: FXStreetNews - 🏆 14. / 72 Read more »
Source: FXStreetNews - 🏆 14. / 72 Read more »