The USD/CAD pair trades with a modest loss above the 1.3500 mark during the early Asian trading hours on Wednesday. The hawkish stance from the Federa
, a measure of the value of the USD relative to a basket of foreign currencies, holds above 106.20, the highest level since November. The pair currently trades around 1.3510, down 0.05% on the day.
In the absence of economic data released from the Canadian docket on Wednesday, the USD/CAD pair remains at the mercy of USD price dynamics. However, the rebound in oil prices might cap the upside of USD/CAD and support the commodity-linked Loonie as the country is the leadingOn Tuesday, the economic data showed that the US Conference Board Consumer Confidence for September rose by 103.0 from 108.7 in August.
The Federal Reserve decided to hold interest rate unchanged in the 5.25% to 5.50% range in its September meeting last week. In terms of macroeconomic predictions, most members still expect further rate rises later this year. Minneapolis Federal Reserve Bank President, Neel Kashkari stated on Tuesday that he is one of the Fed policymakers who sees one more rate hike this year. He added that US rates probably have to go a little bit higher and be held there for longer, to cool things off.
Looking ahead, market players await the US Durable Goods Orders report will be released on Wednesday. The Core Personal Price Index, the Fed's preferred measure of consumer inflation on Friday will be in the spotlight with an expected drop from 4.2% to 3.9%. Traders will take cues from the data and find trading opportunities around the USD/CAD pair.
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