USD/CAD retreats after two days of gains, trading around 1.3680 during the Asian session on Thursday.
USD/CAD depreciates as mixed data from the US fuels speculations of a rate cut by the Fed. CME FedWatch Tool suggests the probability of a Fed rate cut in September has increased to nearly 70.0%. The appreciation of crude Oil prices supports the commodity-linked Canadian Dollar. The US Dollar struggled after mixed economic data was released in the United States , which fueled interest rate cut speculations by the US Federal Reserve .
On the Loonie front, the upside of the crude Oil prices is supporting the demand of the Canadian Dollar , given the fact that Canada is the largest Oil exporter to the United States . West Texas Intermediate Oil price extends its gains for the second session, trading around $74.30 per barrel, by the press time. In June, the Bank of Canada carried out a widely anticipated 25 basis points reduction in its key interest rate, bringing it to 4.75%.
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