The USD/CAD pair posts modest gains around 1.3665 on Tuesday during the early Asian trading hours.
USD/CAD trades on astrongernote near 1.3665 on Tuesday. The FOMCis widely expectedto hold rates steady in its current 5.25%–5.50% range on Wednesday. The further downside of oil prices weighs on the commodity-linked Loonie. A modest rebound of the US Dollar provide some support tothe pair. Meanwhile, the decline in oil prices weighs on the commodity-linked Loonie. Investors willkeep an eye onthe Canadian February Gross Domestic Product growth number.
If the US central bank remains hawkish, this might strengthen the USD and attract more foreign capital inflows. On the other hand, the dovish tone might exert some selling pressure on the Greenback. On the Loonie front, traders expect the Bank of Canada to wait until June or July to start cutting its policy rate. The monthly Gross Domestic Product data for February mightoffer some hints abouthow the Canadian economy performs.
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