USD/CAD seems to remain tepid amid firmer US Dollar (USD) and Crude oil prices.
USD/CAD remains silent amid market caution ahead of BoC’s policy decision. BoC is expected to maintain its current policy rate at 5.0% on Wednesday. The decline in US Treasury yields contributes to undermining the US Dollar. USD/CAD seems to remain tepid amid firmer US Dollar and Crude oil prices. The pair inches lower to near 1.3570 during the Asian session on Wednesday. The US Dollar holds ground despite lower US Treasury yields.
At the time of writing, the US Dollar Index consolidates around 104.10, with 2-year and 10-year yields on US Treasury bonds at 4.73% and 4.35%, respectively. Federal Reserve Bank of Minneapolis President Neel Kashkari reiterated the central bank's commitment to combatting inflation. Kashkari stressed the importance of bringing the current inflation rate, hovering around 3%, back down to the target level of 2%.
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