The USD/CAD pair hovers near the round-level support of 1.3700 in Wednesday’s New York session.
USD/CAD changes little near 1.3700 after the release of the US CPI report for July. The inflation data showed that year-on-year price pressures decelerated expectedly. The BoC is expected to cut interest rates for the third time in a row. The Loonie asset changes little after the release of the United States Consumer Price Index report, which shows that price pressures slowed expectedly in July.
This week, the Loonie will be majorly guided by the market speculation for Bank of Canada rate cuts amid absence of top-tier economic data. Investors expect that the BoC could extend its policy-easing cycle in September to prevent labor market from worsening further.
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