The USD/CAD pair attracts some dip-buying on the first day of a new week, albeit lacks follow-through and remains confined in a familiar range held over the past week or so.
USD/CAD regains positive traction on Monday amid a modest downtick in Oil prices. The Fed ’s hawkish outlook continues to underpin the USD and further lend support. The fundamental backdrop warrants caution before positioning for additional gains. Spot prices currently trade just below mid-1.3700s, up less than 0.10% for the day amid a combination of diverging forces.
This, along with a sharp deterioration in the US consumer sentiment in June, keeps the first Fed rate cut move in September on the table. This holds back the USD bulls from placing aggressive bets and might cap the upside for the USD/CAD pair. Hence, it will be prudent to wait for strong follow-through buying before positioning for a further near-term appreciating move for the currency pair.
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