USD/CAD: Consolidates near 1.2500 as USD remains strong
- USD/CAD edges lower in the initial Asian trading hours on Tuesday.
- US Dollar Index remains steady above 92.20.
- The Canadian dollar holds the ground on rate hike expectations.
The USD/CAD pair remains muted in the Asian trading hours on Tuesday. The pair confides in a narrow range with no meaningful traction.
At the time of writing, USD/CAD is trading at 1.2532, down 0.03% for the day.
The US Dollar Index (DXY), which tracks the performance of the greenback against the six major currencies, trades near 92.20 with 0.20% gains.
The greenback erased all losses sustained following Friday’s dismal US Nonfarm payrolls (NFP) data and extended gains against its rivals.
On the other hand, the Canadian dollar managed to gathers momentum as oil prices rebound from lower levels although stay pressurized.
In addition to that Canadian Labor Productivity rose 0.6% in Q2, rebounding from the previous 1.7% decline in the previous quarter.
Meanwhile, a text story on a 6.5 magnitude earthquake near Kitimat, Canada, are withdrawn after the US Geological Survey falsely generated the alert by an automatic system.
As for now, traders waiting for the Bank of Canada’s (BOC) interest rate decision later in the week.
USD/CAD additional levels
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