The USD/CAD pair trades in positive territory for the second consecutive day around 1.3630 on Tuesday during the early European session.
USD/CAD edges higher to 1.3630 amid the modest rebound in USD on Tuesday. The higher bets on rate cuts from the BoC and the decline in oil prices weigh on the Loonie. The higher-for-longer US rate narrativeis likely tocap thepair’sdownside in the near term. Market players await the remarks from more FOMC members.Also,theCanadian CPI inflation reportfor Aprilwill be in the spotlight.
Meanwhile, the decline in crude oil exerts some selling pressure on the commodity-linked Canadian Dollar , as Canada is the leading exporter of oil to the United States. On the other hand, US Federal Reserve officials remain cautious about the timing of its easing cycle, emphasizing the need to keep interest rates higher for extended periods of time to gain confidence that inflation is on track to meet its objective.
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