USD/CAD rebounds to pass 1.3000 during early morning Wednesday European session. The US dollar is stronger ahead of Fed Chair Jerome Powell's testimony. Supporting the upside drive is the fall in oil prices, Canada's major export item. WTI crude oil falls back to a monthly low, at around $108, after US President Biden pushes for lower energy prices.
A key event to be observed today is the Bank of Canada's (BOC) Consumer Price Index for fresh directions, expectations are at 5.9% YoY vs. 5.7% in May.