The USD/CAD pair remains feeble near the round-level support of 1.3700 in Tuesday’s European session.
USD/CAD struggles to hold the 1.3700 support as the US Dollar edges down. US bond yields consolidate as investors focus on US core PCE Price Index data. BoC’s rate cut prospects remain strong as Canada’s inflation softens significantly in March. The Loonie asset comes under pressure as the US Dollar drops amid improvement in the risk appetite of the market participants. S&P 500 futures have posted some gains in the London session.
BoC’s preferred inflation measure that excludes eight volatile items softened to 2% in March, allowing policymakers to discuss rate cuts. USD/CAD faced sharp selling pressure last week after a rally stalled near 1.3850. The asset rallied after a breakout of the Ascending Triangle chart pattern formed on a daily timeframe. The 20-day Exponential Moving Average near 1.3674 will be a major support area for the US Dollar bulls. The 14-period Relative Strength Index returns to the 40.00-60.
BOC Fed Inflation Supportresistance
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