The USD/CAD pair trades on a stronger note around 1.3675 during the Asian session on Tuesday.
USD/CAD holds positive ground near 1.3675 on Tuesday. Fed officials said in recent comments that the high-for-longer interest rate narrative is needed to bring down inflation. The lower crude oil price weighs on the commodity-linked Canadian Dollar . The USD/CAD pair trades on astrongernotearound1.3675duringthe Asian session on Tuesday.
The high-for-longer US rate narrativeis likely tounderpin the Greenback and create a tailwind for USD/CAD for the time being. On the other hand, the decline in crude oil price continues to drag the commodity-linked Canadian Dollar lower, as Canada is the leadingexporter of oilto the United States. Nonetheless, the upbeat Canadian employment market data for April might convince the Bank of Canada to wait longer t to ensure thatinflation will be sustained.
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