- USD/CAD holds positive ground near 1.3715 in Wednesday’s early European session.
- Higher crude oil prices and softer USD might weigh on the pair.
- Traders will take more cues from the US July CPI inflation report, which is due later on Wednesday.
The USD/CAD pair recovers around 1.3715 on Wednesday during the early European session. The upside of the pair might be limited as the rise of crude oil prices continues to support the commodity-linked Loonie. Later on Wednesday, the US Consumer Price Index (CPI) for July will be in the spotlight.
The Greenback remains under pressure amid the expectations for deeper interest rate cuts by the Federal Reserve (Fed) after the softer US Producer Price Index (PPI) data on Tuesday. The US Producer Price Index (PPI) for final demand came in softer than expected at 2.2% YoY in July, from 2.7% in June, according to the Bureau of Labor Statistics.
Meanwhile, the rise of crude oil prices due to a significant fall in US inventories supports the Loonie. It's worth noting that higher oil prices generally support the CAD lower as Canada is the leading exporter of Oil to the United States (US).
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