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USD/CAD trades near 1.4190 as crude rebounds and traders await US data
The Canadian dollar has gained support from a crude oil rebound, while markets are pricing roughly a 47.1% chance of a Fed rate hike in October and 92.5% in December, according to CME FedWatch.
USD/CAD was last seen trading with mild losses around 1.4190 during early European trading on Wednesday, as traders looked for fresh signals on the US interest rate outlook.
FXStreet reports that a rebound in crude oil prices is supporting the commodity-linked Canadian dollar versus the US dollar.
Attention later in the day is on the ADP employment and Personal Consumption Expenditures, or PCE, Price Index reports for more clues about the path of US rates, with market pricing pointing to a roughly 47.1% chance of a Fed rate hike in October and a 92.5% probability in December, according to CME's FedWatch Tool.
The crude move follows news related to Iran sanctions relief, after US President Donald Trump denied an Axios report and said he did not provide relief or release frozen Iranian funds in exchange for nuclear steps, while Fed officials' hawkish comments could still support the greenback, FXStreet added.
Latest closeWTI crude $93.42 ▲1.1%