The USD/CAD pair holds auction above the immediate support of 1.3460 in Monday’s early American session.
USD/CAD trades above 1.3640 as the US Dollar rebounds ahead of the Fed ’s policy decision. The Fed is expected to emphasize keeping interest rates restrictive for a longer period. The Canadian economy is forecasted to have expanded by 0.3% in February. The Loonie asset finds support as the US Dollar Index rebounds after discovering buying interest near the previous week’s low of around 105.46.
The Fed would consider reducing interest rates only after policymakers get evidence that inflation will sustainably return to the desired rate of 2%. Meanwhile, the market sentiment is bullish as investors have shrugged off risks of further escalation in Middle East tensions. The S&P 500 has opened on a bullish note. 10-year US Treasury yields have dropped to 4.64%.
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