The USD/CAD pair dipped to round-level support of 1.3800 in Wednesday’s early American session.
USD/CAD slumps to 1.3800 even though the US Dollar exhibits strength. Investors see the BoC choosing the June meeting as their earliest point for pivoting to rate cuts. Oil prices weaken as Fed Powell’s hawkish guidance raisesdoubts over global economic outlook. The Loonie asset faces pressure despite multiple tailwinds, such as higher Bank of Canada rate cut hopes, a sharp decline in the Oil price, and hawkish guidance from Fed eral Reserve Chair Jerome Powell.
0% from the prior reading of 2.1%. Last week, BoC Governor Tiff Macklem acknowledged that a rate cut in June is possible if inflation continues to decelerate sustainably after keeping interest rates unchanged at 5%. Meanwhile, West Texas Intermediate , futures on NYMEX, have dropped to $84.00 as the dismal global economic outlook outweighs tight supply fears. Higher prospects for the Fed maintaining the monetary policy framework for a longer period weigh on the Oil price.
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