USD/CAD climbs to near 1.3700 as US Dollar extends recovery amid dismal market mood

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The USD/CAD pair jumps to near the round-level resistance of 1.3700 in Wednesday’s New York session.

USD/CAD rises further to near 1.3700 due to a strong recovery in the US Dollar. The US Dollar capitalizes on a significant decline in Fed rate-cut bets for September. Investors expect that the BoC will start unwinding its restrictive policy stance. The Loonie asset strengthens as the US Dollar extends recovery. The US Dollar Index , which tracks the Greenback’s value against ix major currencies, moves higher to 104.85 as uncertainty over Federal Reserve’s rate-cut timeframe deepens.

Now investors are seeing the November meeting as the earliest point from when the Fed could return to policy normalization. Going forward, investors will focus on the United States core Personal Consumption Expenditure Price Index data for April, which will be published on Friday. The underlying inflation data will influence market speculation for Fed rate cuts in September.

 

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