The USD/CAD pair remains on the defensive around 1.3655 during the early Asian session on Tuesday.
USD/CAD posts modest gains near 1.3655 in Tuesday’s early Asian session. BoC Governor Tiff Macklem said the Canadian economy is on track for a soft landing. Investors await the release of the US GDP growth number on Thursday and the PCE Price Index on Friday. The USD Index retreats from nearly two-month tops to 105.50, exerting some selling pressure on the pair.
On the USD’s front, the US Federal Reserve officials maintain a cautious stance on rate cuts, highlighting that their decisions would remain data-dependent. On Monday, San Francisco Fed President Mary Daly said that the Fed must continue the work of fully restoring price stability without a painful disruption to the economy. Daly added that while the central bank still has more work to do on bringing inflation down, inflation is not the only risk they face.
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