The USD/CAD pair bounces off a nearly four-week trough touched during the Asian session on Wednesday and reverses a part of the previous day's downfall.
USD/CAD attracts some buyers near 1.3700, though the attempted recovery lacks follow-through. An uptick in Oil prices underpins the Loonie and acts as a headwind amid subdued USD price action. Traders also seem reluctant to place aggressive bets ahead of the crucial US consumer inflation data. The USD/CAD pair bounces off a nearly four-week trough touched during the Asian session on Wednesday and reverses a part of the previous day's downfall. Spot prices manage to hold above the 1.
2% in July, suggesting that inflation continues to moderate. The weaker reading lifted bets for a bigger, 50 basis points rate cut by the Fed in September and dragged the US Treasury bond yields lower across the board. This, along with the risk-on mood, continues to weigh on the safe-haven buck and contributes to capping the upside for the USD/CAD pair.
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