Ella 
USD/CAD is closing in on daily losses but remains in bearish territory, which could be attributed to a stronger U.S. dollar (USD). In Asia on Tuesday, USD/CAD fluctuated down to 1.3580.
Additionally, falling crude oil prices could put pressure on the Canadian dollar, boosting USD/CAD. As of press time, WTI oil prices fluctuated and fell to around $81.70. However, oil prices strengthened after the U.S. Energy Information Administration (EIA) raised its forecast prices for crude oil and petroleum products for the remainder of 2024.
In addition, the Canadian dollar is facing downward pressure after the Bank of Canada released the minutes of its latest meeting, indicating that it may cut interest rates in 2024. Toni Gravelle, deputy governor of the Bank of Canada, reiterated the central bank’s commitment to complete quantitative tightening by 2025, emphasizing the sustainability of quantitative tightening amid a gradual decline in interest rates. Investors are likely to await Canadian gross domestic product (GDP) data for January, due out on Thursday, which could further influence sentiment.
