USD/CAD continues its upward trend for the fourth consecutive session, trading near the significant level of 1.3540.
USD/CAD exhibits sideways movement with a positive bias to extend gains. Fed could uphold its elevated interest rates to curb inflationary pressures. Canadian Consumer Prices are expected to show an increase in February. The US Dollar advances, propelled by higher US Treasury yields. Bond markets are facing selling pressure as additional signs of resilience in the United States economy emerge, prompting traders to revise their expectations for fewer interest rate cuts this year.
The Canadian Dollar might have found support from the surge in Crude oil prices, considering Canada's status as the largest oil exporter to the United States . West Texas Intermediate hovers around $82.10 per barrel, nearing its highest levels since early November, bolstered by ongoing supply-side worries. On Monday, the Canadian stock market closed slightly lower as investors awaited Canada's Consumer Price Index data scheduled for Tuesday.
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