come under some selling pressure and stall a four-day recovery from a 17-month low touched last week. This, in turn, is seen undermining the commodity-linked Loonie, which, along with a modest US Dollar strength, acts as a tailwind for the USD/CAD pair. The recent rise in the US Treasury bond yields, bolstered by easing fears of a full-blown banking crisis in the US, turns out to be a key factor lending some support to the Greenback.
, keeps a lid on the US bond yields and the USD. It is worth recalling that US President Joe Biden and House of Representatives Speaker Kevin McCarthy remained divided over raising the $31.4 trillion US debt limit, though agreed to further talks aimed at breaking the deadlock. The Fed, meanwhile, last week outlined a more stringent and data-driven approach to hikingfurther. Moreover, the markets have been pricing in the possibility of rate cuts later this year.
This, in turn, is holding back the USD bulls from placing aggressive bets and capping gains for the USD/CAD pair as traders keenly await the release of the latest US consumer inflation figures during the early North American session. The crucial US
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