The USD/CAD pair gains momentum above the mid-1.3500s during the early Asian trading hours on Wednesday.
USD/CAD holds positive ground near 1.3578 in Wednesday's Asian session. Fed is anticipated to keep rates steady in a range of 5.25% to 5.5% at its policy meeting on Wednesday. The downbeat Canada’s CPI inflation data boosted expectations for a Junerate cutfrom the BoC. The uptick of the pair is bolstered by the firmer US Dollar and cooler-than-expected Canadian Consumer Price Index inflation data.
On the other hand, weaker-than-expected Canada’s CPI inflation data boosted expectations for a Junerate cutfrom the Bank of Canada , which exerts some selling pressure on the Canadian Dollar . Following the data, money markets have priced in a 75% chance that the BoC will start cutting rates in June, up from 50% before the release. On Tuesday, the headline Canadian CPI figure rose 2.8% YoY in February, while the Core CPI figure eased to 2.1% in February from 2.4% in January.
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