USD/CAD has extended losses for the second successive session, trading around 1.3640 during the Asian hours on Wednesday.
USD/CAD edges lower due to a weaker US Dollar amid improved risk appetite. Fed Chair Jerome Powell has anticipated for a sustained decrease in inflation, indicating less confidence in the disinflation outlook. The higher WTI price contributes support for the Canadian Dollar. The decline of the pair could be attributed to the weaker US Dollar as investors digested higher-than-expected US Producer Price Index data for April while awaiting the Consumer Price Index report scheduled for Wednesday.
The Bank of Canada is anticipated to implement four consecutive rate cuts in 2024, with an additional reduction of 100 basis points in 2025. While hawkish remarks from the Fed officials suggest maintaining the higher rates for longer. Regarding commodities, the rise in crude Oil prices could bolster the Canadian Dollar , undermining the USD/CAD pair. Canada's status as the largest oil exporter to the United States, and the largest oil consumer, contributes to this dynamic.
Majors Macroeconomics Canada WTI
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