USD/CAD drifts at 1.3550 as inflation exceeds the Fed goal in 2023.
As investors avoid adding to their holdings throughout the holiday season, USD/CAD shows a sideways shape at 1.3550. As the general public anticipates inflation to be over 3% in CY 2023, the Federal Reserve may maintain its hawkish stance.
Following the publication of the increases to the weekly initial jobless claims, the US dollar came under selling pressure. Given the lack of significant economic events, USD/CAD is expected to maintain its rangebound structure. In the early European session, USD/CAD showed a sideways performance as investors hesitated to add to their holdings before the long weekend. The USD/CAD pair is doing poorly in a constrained range of around 1.3550 due to uncertainty in the global market’s inflation forecasts for CY 2023.
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