USD/CAD holds above the 1.3220 mark ahead of FOMC decision – by lilyfinancial USDCAD Majors
USD/CAD remains steady around the 1.3225 mark after gaining momentum from softer Canadian Retail Sales.Investors will take cues from the Federal Reserve's policy decision, Fed Chair Jerome Powell’s speech.
On Friday, Statistics Canada revealed that Canadian Retail Sales MoM rose 0.2% compared to the 0.5% expected and 1.0% the previous month. Also, Retail Sales ex-autos fell short of expectations, with a 0.0% increase in May, against the consensus of 0.3% and a 1.2% increase in April. The softer Canadian Retail Sales data weighed on the CAD and lifted the USD/CAD pair.
Meanwhile, the renewed tension between Russia and Ukraine might further tighten oil supplies. This in turn, might cap the upside in the USD/CAD pair and lift the commodity-linked Loonie.
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