USD/CAD extends downside to 1.3670 with focus on BoC’s Macklem speech

USD/CAD declines further to 1.3670 ahead of BoC’s Macklem speech. Canadian annual headline CPI is estimated to have declined to 2.6%. Fed policymakers want to see inflation declining for months before shifting to rate cuts. The Loonie asset weakens as the US Dollar Index corrects to near 105.66 after failing to extend upside above the crucial resistance of 106.00.

Fed officials would get more conviction after seeing inflation declining for months. Meanwhile, the Canadian Dollar strengthens even though investors expect that the Bank of Canada will deliver subsequent rate cuts. For more clarity on the interest rate outlook, investors will look to the speech from BoC Governor Tiff Macklem, which is scheduled at 17:00 GMT. This week, investors will also focus on the Canadian CPI report for May, which will be published on Tuesday.

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