USD/CAD attempts to continue its winning streak on Monday. Fed member Bostic forecasted only one interest rate cut instead of his earlier projection of two rate cuts in 2024. The higher WTI price might have provided support for the Canadian Dollar. The pair trades higher around 1.3600 during the Asian trading session, following hawkish remarks from Federal Reserve Bank of Atlanta President Raphael Bostic on Friday.
60% and 4.21%, respectively, at the time of reporting. Despite the uptick in US Treasury yields, the US Dollar fails to find support. Federal Reserve Chair Jerome Powell mentioned during a press conference, that an unexpected increase in unemployment could prompt the central bank to consider reducing interest rates. Powell also reassured markets that the Federal Reserve would not hastily react to consecutive months of heightened inflation figures.
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