USD/CAD attempts to extend the gains for the second consecutive day on the back of improved risk appetite ahead of the US Federal Reserve (Fed) monetary policy decision.
USD/CAD continues to gain ground ahead of the FOMC policy decision. Crude oil prices dropped to two-month lows; weakening the Loonie Dollar. Canada’s GDP experienced no growth, remaining flat at 0.0% in August. The spot price trades slightly higher near 1.3880 during the Asian session on Wednesday. The US Dollar Index received a boost from increased US Treasury yields on Tuesday, hovering around 106.70 with the 10-year US bond yield sitting at 4.90%, by the press time.
Additionally, on Tuesday, the disappointing data of the monthly Canadian GDP might have undermined the commodity-linked Loonie Dollar and acted as a tailwind for the USD/CAD pair. The release of Canada’s Gross Domestic Product data from Statistics Canada on Tuesday, revealed that the economy experienced no growth, remaining flat at 0.0% in August. This result contradicts market predictions, which anticipated a 0.1% growth during the same period.
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