The USD/CAD pair remains below the crucial resistance of 1.3600 in Wednesday’s North American session.
USD/CAD performs weakly below 1.3600 with Fed policy on the horizon. Investors will keenly focus on the Fed rate cut size and dot plot. The BoC is expected to cut interest rates again in October. The Loonie asset faces selling pressure as the US Dollar performs weakly against its major peers ahead of the Fed eral Reserve’s monetary policy decision at 18:00 GMT.
The BoC has already cut interest rates by 75 basis points this year to 4.25%. Market expectations for more BoC rate cuts rose after Tuesday’s Consumer Price Index data for August, which came in softer-than-expected. The Canadian CPI report showed that the headline inflation returns to bank’s target of 2%, grew slower than the estimates of 2.1% and the former release of 2.5%. The Bank of Canada’s core CPI measure decelerated further to 1.5% from 1.7% in July.
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