USD/CAD remains sideways near 1.3750 as investors shift focus to US Retail Sales data

USD/CAD consolidates near 1.3750 with a focus on the US Retail Sales report for May. Investors see the Fed reducing interest rates twice this year against one forecasted by policymakers. The BoC may extend its policy-tightening spell in July. The Loonie asset struggles to find direction as investors shift focus to the monthly United States Retail Sales data for May, which will be published on Tuesday.

Meanwhile, Fed officials continue to argue in favor of cutting interest rates only once this year as they want to see inflation declining for months to gain confidence in lowering interest rates. Fed policymakers remain concerned over reacceleration in price pressures due to premature rate cuts. On the Canadian Dollar front, investors expect that the Bank of Canada will deliver subsequent rate cuts in the July meeting.

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