The USD/CAD Spot is extending its rebound from recent lows in sub-1.3200 levels (Friday), trading closer to the 1.3400 handle as CAD lost some momentum in response to a softer performance of crude oil prices.
The USD/CAD pair will remain under pressure later today, as US CPI figures and the FOMC meeting will take center stage. Despite market participants expect no rate hike today, the (priced in?) hawkish tone by the Committee could be supportive of the dollar, paving the way for a continuation of the upside bias.
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USD/CAD range bond ahead of US FOMC
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