USD/CAD snaps its five-day winning streak, trading around 1.3820 during the Asian session on Wednesday.
USD/CAD retreats from a five-month high of 1.3846 reached on Tuesday. The decline in crude Oil prices might have contributed to undermining the Canadian Dollar. Fed Chair Powell highlighted that recent data indicates the timeframe for achieving the 2% inflation target will be longer than initially anticipated. The mild correction in the US Dollar contributes to downward pressure on the USD/CAD pair.
On the other side, hawkish remarks from Federal Reserve officials and the influx of safe-haven flows could bolster the US Dollar and potentially limit the downside of the USD/CAD pair. The US Dollar Index pulls back from a five-month high of 106.51 reached on Tuesday. This decline could be attributed to a slight decline in US Treasury yields. Federal Reserve Chairman Jerome Powell remarked on Tuesday that the US economy has exhibited notable strength.
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