The USD/CAD pair continues its losing streak for the third trading session on Tuesday.
USD/CAD slides further below 1.3630 with investors focusing on the Canadian Inflation on Wednesday. Fed Powell is expected to say over the size of interest rate cuts in September. Lower Oil prices fail to dent the Canadian Dollar’s strength. The Loonie asset weakens below 1.3630 as the near-term appeal of the US Dollar is downbeat due to firm expectations that the Fed eral Reserve will start reducing interest rates in September.
Meanwhile, the Canadian Dollar outperforms despite the continuation of a bearish streak in the Oil price. Growing expectations of a ceasefire between Iran and Israel, and China’s dismal economic outlook have weighed heavily on Oil prices. Lower Oil prices result in a big dent in foreign flows to Canada as it is the largest energy exporter to the United States .
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