The USD/CAD pair touches a fresh high since April 2020 during the Asian session on Tuesday, though it lacks follow-through buying and remains below the 1.4200 round-figure mark.
USD/CAD trades with positive bias for the third straight day and climbs to a fresh multi-year top. Bets for a larger BoC rate cut and a modest downtick in Crude Oil prices undermine the Loonie. A subdued USD price action caps the pair ahead of the US CPI and BoC decision on Wednesday. The near-term fundamental backdrop, meanwhile, seems tilted in favor of bullish traders and suggests that the path of least resistance for spot prices remains to the upside.
However, expectations for a less dovish Fed should help limit any meaningful USD losses and offer some support to the USD/CAD pair. Traders, meanwhile, might refrain from placing aggressive directional bets ahead of the key US macro data and the central bank event risk. The US Consumer Price Index report is due for release on Wednesday and should offer cues about the Fed's rate-cut path, which will drive the USD demand.
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