USD/CAD extends its losses for the second successive session, trading around 1.3880 during European hours on Tuesday.
USD/CAD loses ground as commodity-linked CADmight have received support from the steady Oil prices. Improved US Treasury yields could limit the downside of the US Dollar. Traders will likely observe the BoC Summary of Deliberations and the Ivey PMI data to gain ideas on policy outlook. The commodity-linked Canadian Dollar might have received support from the steady Oil prices as Canada is the largest Oil exporter to the United States .
The US Dollar Index , which measures the value of the US Dollar against its six major peers, trades around 103.80 with 2-year and 10-year yields on US Treasury bonds standing at 4.17% and 4.30%, respectively, at the time of writing. On the CAD front, the Bank of Canada is anticipated to implement a substantial rate cut at its final monetary policy meeting of the year in December. BoC Governor Tiff Macklem has indicated the possibility of another 50 basis points rate reduction.
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