USD/CAD climbs back closer to 1.3200, upside seems limited ahead of Fed decision – by hareshmenghani USDCAD Fed InterestRate China Currencies
The USD holds steady just below a two-week high and lends some support.Traders might also prefer to wait ahead of the crucial FOMC policy decision.pair attracts fresh buying following the previous day's good two-way price swings and steadily climbs back closer to the 1.3200 mark during the Asian session on Wednesday.
The Federal Reserve is widely expected to hike intrest rates by 25 bps. Furthermore, market participants remain scpetic if the US central bank will commit to a more dovish stance or stick to its forecast for 50 bps lift-off by the end of this year. This, in turn, remains supportive of the recent rise in the US Treasury bond yields.
In fact, the survey from the Conference Board showed that US consumer confidence increased to a two-year high in July amid a persistently tight labor market and receding inflation. The data raised optimism that the economy could skip a recession this year and acts as a tailwind for the Greenback. That said, the prevalent risk-on environment is holding back traders from placing fresh bullish bets around the safe-haven buck.
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