The USD/CAD pair weakens to 1.3645 during the early European trading hours on Monday.
USD/CAD loses momentum near 1.3645, losing 0.20% on Monday. The US Federal Reserve is expectedto leave the interest rate unchanged in its current 5.25%–5.50% rangeon Wednesday. The decline of crude oil weighs on the commodity-linked Loonie. The USD/CAD pair weakens to 1.3645 duringtheearly European trading hourson Monday.Thedecline ofthe US Dollar drags the pair lower to a nearly three-week low.
7% YoY in March from 2.5% in February, firmer than the market expectation of 2.6%.The Core PCE, theFed'spreferredinflation gauge, rose by 2.8% YoY in March, above the market consensus of 2.6%. On the Loonie front, the Bank ofCanada’s governing council memberswere spliton how long the central bank should wait before it begins lowering interest rateswhen they met earlier this month.Canada’sinflation rate was 2.
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