USD/CAD gains traction around 1.3460 ahead of US Retail Sales, Canadian CPI – by lilyfinancial USDCAD Majors Macroeconomics
year yield climbs above 4.20%. Meanwhile, the easing in oil price undermines the Loonie against the US Dollar. The key events on Tuesday might triggerMarket participants anticipate that the Federal Reserve will keep the interest rate unchanged in its September meeting as US inflation remains moderate and in line with the central bank's target of 2%. However, the odds for an additional rate hike of 25 basis points increased to almost 40% in its November meeting.
Looking ahead, market participants will keep an eye on the Canadian Consumer Price Index YoY for July on Tuesday. The annual CPI is expected to rise from 2.8% to 3.0%, while the monthly CPI is seen at 0.3% versus 0.1% prior. Across the pond, the US Retail Sales and FOMC minutes will be due on Tuesday and Thursday, respectively. Investors will also take cues from the
officials’s comments for the Jackson Hole Symposium. The data will be critical for determining a clear movement for the USD/CAD pair.
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