USD/CAD oscillates in a range on Wednesday amid a mixed fundamental backdrop. Hotter Canadian CPI on Tuesday and an uptick in Oil prices underpin the Loonie. The Fed rate-cut uncertainty caps the USD and acts as a headwind for the major. The USD/CAD pair struggles to capitalize on the previous day's late rebound from the 1.3620-1.3615 region, or a three-week low and remains on the defensive during the Asian session on Wednesday. Spot prices currently trade around mid-1.
The recent hawkish comments by influential FOMC members suggested that the US central bank will not be in a rush to start lowering borrowing costs anytime soon. That said, signs of moderating inflationary pressures keep hopes alive for a September Fed rate cut move and cap the USD. Meanwhile, an upward surge in Canadian consumer inflation in May forced investors to scale back their bets for a July rate cut by the Bank of Canada .
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