The USD/CAD pair edges lower after retracing from the 1.3700 barrier during the Asian trading hours on Wednesday. A rally in oil prices and a softer U
USD/CAD trades in negative territory near 1.3635 amid the USD weakness. The Canadian CPI data showed an easing in inflationary pressure. US Retail Sales for September rose by 0.7% MoM, beating the market consensus. Investors await the US housing data, Canadian Retail Sales data due later this week. S Dollar weigh on the pair. At the press time, USD/CAD is losing 0.10% on the day to trade at 1.3635.
However, higher US Treasury yields might cap the downside of the USD and act as a tailwind for the USD/CAD pair. Minneapolis Federal Reserve Bank President Neel Kashkari stated on Tuesday that inflation has taken considerably longer than expected and is still too high. Philadelphia Fed President Patrick Harker said the Fed should hold rates steady.
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