USD/CAD edges higher as Fed cautions against hasty rate cuts, Oil holds the line

USD/CAD pushes higher on USD strength after Fed officials advocate caution in cutting interest rates. Oil remains bid despite higher inventories as official government figures moderate previous data. BoC could turn dovish at the next meeting on lower inflation and negative growth outlook. The pair is benefiting from a general appreciation in the US Dollar on the back of expectations the Federal Reserve will delay cutting interest rates, a key driver of FX markets.

Policymakers in Canada have been less vocal about cutting interest rates and at the last Bank of Canada meeting BoC Governor Tiff Macklem said it was still too early to consider cutting interest rates as more time was needed to ensure inflation had come down to the BoC’s 2.0% target.

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