The USD/CAD pair finds a temporary cushion near the round-level support of 1.3600 in Tuesday’s New York session.
USD/CAD bounces back from 1.3600 as US Dollar recovers due to diminished Fed rate-cut bets. Fed officials want to see inflation easing for months before lowering interest rates. The BoC is expected to start unwinding the restrictive monetary policy stance from June. The Loonie asset finds buying interest as the US Dollar shows some signs of recovery after posting fresh weekly low. The US Dollar Index , which tracks the Greenback’s value against six major currencies, bounces back from 104.35.
Fed policymakers want to see inflation declining for months to gain confidence that price pressures will sustainably return to the desired rate of 2%. This week, investors will focus on the core Personal Consumption Expenditure Price Index data for April, which will be published on Friday. The Fed’s preferred inflation measure is estimated to have grown steadily on monthly and annual basis at 0.3% and 2.8%, respectively.
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