USD/CAD extends its losses for the second successive day, hovering around 1.3710 during the European session on Thursday.
USD/CAD gained ground as the US Dollar struggled after Fed Powell dismissed the speculationof further rate hikes. The improved market sentiment supports risk-sensitive currencies like the Canadian Dollar. The uptick in the WTI price supported the CAD as Canada is the largest Oil exporter. This improved risk appetite supports risk-sensitive currencies like the Canadian Dollar , consequently, undermining the USD/CAD pair.
In Canada, according to a Reuters report on Wednesday, Bank of Canada Governor Tiff Macklem said that the BoC is reaching a point where it could begin reducing interest rates from their current 23-year highs. Speaking to the Senate Banking Committee, Macklem mentioned that inflation was declining and Canadians were eager to know when the central bank would initiate interest rate cuts.
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