USD/CAD jumps above 1.3600 as Canadian consumer inflation surprisingly eases in February. BoC’s preferred inflation measure decelerated to 2.1% from 2.4% in January on a year-on-year basis. The market sentiment remains downbeat amid uncertainty ahead of Fed policy. The Loonie asset strengthens as the Canadian Consumer Price Index for February turns out surprisingly softer than expected. The annual headline CPI grew at a slower pace of 2.8% than expectations of 3.1% and the former reading of 2.
The appeal for risk-perceived assets weakens amid uncertainty ahead of the Federal Reserve’s interest rate decision, which will be announced on Wednesday. The Fed is expected to keep interest rates unchanged in the range of 5.25%-5.50%. The US Dollar Index rises to 103.85 as demand for safe-haven assets improves. Apart from the Fed’s policy decision, investors will focus on the dot plot and economic projections.
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