The USD/CAD pair extends its downside during the Asian session on Tuesday. The downtick of the pair is driven by the correction of the US Dollar (USD)
USD/CAD trades in negative territory for the third consecutive day, around 1.3674. The Chicago Fed National Activity Index rose to +0.02 in September vs -0.22 prior. Traders await the US S&P Global PMI ahead of the Bank of Canada Rate decision on Wednesday. to a one-month low. However, a rise in US Treasury bond yields and the escalating geopolitical tensions in the Middle East might limit the USD’s downside. The pair currently trades near 1.3674, down 0.12% for the day.
On the Loonie front, investors await the Bank of Canada Interest Rate decision on Wednesday. The market expected the BoC to hold the interest rate unchanged at 5% for the remainder of the year and is expected to cut the rate in the second quarter of 2024. Meanwhile, a decline in oil prices might undermine the commodity-linked Loonie as the country is the major oil exporter to the US.
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