The USD/CAD pair drops further to near the round-level support of 1.3600 in Tuesday’s Asian session.
USD/CAD edges down to 1.3600 as the US Dollar’s appeal is uncertain. US core PCE Price Index is projected to have grown steadily in April. Canada’s weak household spending and consistently easing price pressures prompt BoC rate-cut prospects. The Loonie asset is under pressure as the US Dollar weakens even though traders seethe Fed eral Reserve keeping interest rates steady in the September meeting. The market sentiment is upbeat despite the fact that rate-cuts from the Fed has been delayed.
The Fed’s preferred inflation measure is estimated to have grown steadily on monthly and annual basis at 0.3% and 2.8%, respectively. This would weaken the case of Fed rate cuts in September further. Meanwhile, the Canadian Dollar is capitalizing on upbeat market sentiment. Th near-term outlook of the Canadian Dollar is uncertain as investors expect that the Bank of Canada will start reducing interest rates from the June meeting.
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