Ella 
USD/CAD appears to remain tepid amid strength in the US dollar (USD) and crude oil prices. During Wednesday’s Asian session, the pair moved lower to around 1.3570. The U.S. dollar (USD) remains strong despite falling U.S. Treasury yields.
Traders are eagerly awaiting the Bank of Canada’s (BoC) interest rate decision, which is expected to remain unchanged at 5.0%. In addition, U.S. Consumer Price Index (CPI) data and U.S. Federal Open Market Committee (FOMC) meeting minutes will be released later in the North American session.
The upward resistance in crude oil prices may drag down the Canadian dollar. The deadlock in ceasefire talks in Gaza has reignited concerns about supply security in the Middle East, offsetting the impact of a larger-than-expected increase in U.S. crude inventories on oil prices. At press time, West Texas Intermediate (WTI) oil prices were hovering around $84.70 a barrel.
