USDCAD is eyeing more weakness towards the 1.3300 cushion as red-hot US inflation cools down.Loonie bulls have strengthened on hawkish BOC Macklem’s commentary and a recovery in oil prices.pair is declining towards the round-level cushion of 1.3300 in the early Asian session. The Greenback bulls have faced a massive sell-off on soft October’s inflation report released on Thursday.
Cleveland Fed Bank President Loretta Mester supported the view of other Fed policymakers and believes that the restrictive policy measures should continue given the persistent nature of inflation. He further added that layoffs will increase and the growth rate may come to zero in the next few quarters, and the central bank is fine with a mild recession as a price to bring down inflation to desired levels.