The USD/CAD pair oscillates in a narrow range during the early Asian session on Tuesday. The weakening of the Loonie is weighed by the downtick in oil
prices while the higher for longer narrative in the US lifts the US Dollar across the board. As of writing, USD/CAD is trading around 1.3457, gaining 0.02% on the day.
The US Dollar Index , a measure of the value of the USD relative to a basket of foreign currencies, hovers around 105.95 after retreating from the highest level since November of 106.09 amid the USD demand and a rising of the US 10-year yield to the highest level since October 2007. That said, the oil price edges lower for two straight days on Tuesday, which undermines the commodity-linked Loonie and might cap the upside for the USD/CAD pair as the country is the leading oil exporter to the US.officials still anticipate further rate hikes later this year. Susan Collins and Mary Daly, Presidents of the Federal Reserve Banks of Boston and San Francisco, stressed that, although inflation is slowing, future rate rises are likely.
Moving on, the US Consumer Confidence for September and housing data will be due later on Tuesday. On Thursday, the US Annualized for the second quarter will be released. The closely watched event will be the Core Personal Consumption Expenditure Price Index, the Fed's preferred measure of consumer inflation, due on Friday. The annual figure is expected to drop from 4.2% to 3.9%. Also, Canadian GDP numbers will be due on Friday.
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