The USD/CAD pair posts modest gains during the early Asian session on Tuesday. Market players await the Canadian inflation data due later in the day.
USD/CAD holds positive ground around 1.3620 on Tuesday. Philadelphia Fed President Patrick Harker maintained their dovish stance, by saying that the Fed should hold rates steady. A correction of oil prices exerts pressure on the commodity-linked Loonie. Traders will monitor the US Retail Sales, and Canadian inflation on Tuesday. The annual and monthly Canadian Consumer Price Index for September is expected to rise 4.0% and 0.1%, respectively, The pair currently trades around 1.3620, gaining 0.
On the CAD’s front, data released from Statistics Canada on Monday revealed that the nation’s Manufacturing Sales for August came in at 0.7% MoM from 1.6% in the previous reading, below the market expectation of 1.0%. Meanwhile, Wholesale Sales dropped 2.3% versus 0% prior, worse than the market consensus of 2.6%.
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