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Market News USD/CAD Gains Ground Over 1.3750 as Traders Reduce Fed Rate Reduction Expectations

USD/CAD Gains Ground Over 1.3750 as Traders Reduce Fed Rate Reduction Expectations

As the US dollar strengthens, USD/CAD remains positive at 1.3765. The US Federal Reserve is likely to keep interest rates constant in the range of 5.25%-5.50 during its June meeting on Wednesday. Lower crude oil prices impact on the commodity-linked Loonie, pushing the pair higher.

TOP1 Markets Analyst

2024-06-11

9715

USD:CAD 2.jpeg

The USD/CAD pair is trading in the positive region at 1.3765 on Tuesday, owing to strong US Dollar (USD) demand during early Asian trading hours. Meanwhile, falling crude oil prices weaken the commodity-linked Loonie and provide a tailwind for USD/CAD.

The strong US employment report for May reduced expectations for a rate decrease from the Federal Open Market Committee (FOMC). According to the CME FedWatch tool, traders are now pricing in approximately 47% chances of a rate drop at the September meeting, down from 68% before to the NFP report. At the June monetary meeting on Wednesday, the US Federal Reserve (Fed) is likely to keep interest rates constant in the range of 5.25%-5.50 percent to keep inflation within the Fed's 2% objective.

The US Consumer Price Index (CPI) inflation statistics on Wednesday may provide some insight into the inflation trend and future monetary policy prospects. In May, the US headline and CPI figures are expected to rise 3.4% and 3.5%, respectively, year on year.

Meanwhile, crude oil prices are falling as OPEC officials say they would not boost production if prices remain low. It is worth mentioning that Canada is the primary supplier of crude oil imports for the United States. In general, rising oil prices and states support the Canadian Dollar (CAD).