Canadian Dollar declines after strong US inflation data reinforces hawkish Fed outlook
USD/CAD trades with a positive tone on Tuesday as a stronger US Dollar (USD) offsets support from elevated Oil prices for the Canadian Dollar (CAD). At the time of writing, the pair is trading around 1.3715, hovering near its highest level since April 16.
The Canadian Dollar is likely to weaken further against the US Dollar as the hawkish Fed outlook continues to support USD strength. Elevated oil prices may provide some support for CAD, but the overall trend suggests a bearish movement for CAD.
USD/CAD trades with a positive tone on Tuesday as a stronger US Dollar (USD) offsets support from elevated Oil prices for the Canadian Dollar (CAD). At the time of writing, the pair is trading around 1.3715, hovering near its highest level since April 16.
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