USD/CAD pulls back from the vicinity of the YTD peak touched on Monday.
Dovish Fed expectations cap the USD upside and prompt some profit-taking.
Bearish Oil prices could undermine the Loonie and help limit further losses.
The USD/CAD pair turns lower following an Asian session uptick to the 1.3865 region on Tuesday and for now, seems to have snapped a nine-day winning streak to its highest level since November 2023. The intraday downtick drags spot prices back below mid-1.3800s in the last hour, though any meaningful corrective decline still seems elusive.
Crude Oil prices remain under some selling pressure for the third straight day amid receding fears about a wider conflict in the Middle East. Apart from this, concerns about a weak demand in China – the world's largest crude importer – dragged the black liquid to its lowest level since June 10. This, along with the Bank of Canada's (BoC) dovish outlook, might continue to undermine the commodity-linked Loonie and act as a tailwind for the USD/CAD pair.
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