USD/CAD struggles to capitalize on its modest intraday gains, remains below 1.3600 mark

The USD/CAD pair attracts some buyers during the Asian session on Thursday and for now, seems to have snapped a three-day losing streak, albeit lacks follow-through.

USD/CAD gains some positive traction on Thursday, though the upside remains capped. The Fed’s projected three rate cuts in 2024 caps the upside for the USD and the major. An uptick in Oil prices underpins the Loonie and contributes to keeping a lid on the pair. Spot prices remain below the 1.3600 mark as traders look to important macro data from the US and Canada for some meaningful impetus.

The Fed, however, projected a less restrictive policy going forward and indicated that it remains on track to cut interest rates by 75 basis points in 2024. This is holding back the USD bulls from placing aggressive bets and acting as a headwind for the currency pair. Meanwhile, Crude Oil prices gain some follow-through traction in the wake of worries about tighter global supply amid lower Russian production.

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