USD/CAD hovers above 1.3700 major level after trimming intraday losses

USD/CAD retraces intraday losses, trading around 1.3710 during the European session on Monday. The pair gains ground as the US Dollar treads waters to

USD/CAD treads waters above 1.3700 post-trimming intraday losses. BoC is expected to maintain interest rates at 5.0% in Wednesday’s meeting. Upbeat US Treasury yields contribute support to underpinning the Greenback. halt the recent losses, driven by higher US Treasury yields. Additionally, increased risk aversion, stemming from the Israel-Hamas military situation, contributes to the USD/CAD pair's gains.

Atlanta Fed President Raphael Bostic indicated that the Federal Reserve is unlikely to lower interest rates before the middle of next year, and Fed Philadelphia President Patrick Harker expressed a preference for maintaining unchanged interest rates. Moreover, Federal Reserve Chairman Jerome Powell clarified in the previous week that the central bank is not planning an immediate rate hike, emphasizing the potential for further tightening of monetary policy in response to signs of growth.

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