Loonie Pulls Back Ahead of CPI Report as USD Strengthens

The Canadian dollar experienced a slight pullback on Tuesday as the US dollar strengthened in anticipation of the upcoming Consumer Price Index (CPI) report.

Oil prices, which had earlier provided support to the loonie, were unable to sustain its gains due to investor caution ahead of the inflation data release.

The USD/CAD pair rose during the North American session, reflecting the greenback's broader firmness across major currencies.