USD/CAD continues its losing streak that began on June 14, trading around 1.3650 during the European session on Tuesday.
USD/CAD extends its losing streak ahead of Canada ’s inflation data release on Tuesday. Lower WTI price may limit the upside of the commodity-linked Canadian Dollar. Fed’s Austan Goolsbee said that the Fed might need to consider the impact of restrictive policy on the US economy. Statistics Canada is set to release the top-tier Consumer Price Index data for May later in the North American session.
On Monday, Goolsbee said in a chat show on CNBC’s Squawk Box that the Federal Reserve might need to consider whether the restrictive policy is putting too much pressure on the economy. US Dollar Index , which measures the value of the US Dollar against six other major currencies, remains softer ahead of the revised US Gross Domestic Product for the first quarter is set to be released on Thursday, followed by the Personal Consumption Expenditure Price Index on Friday.
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