USD/CAD continues its losing streak that began on June 14, trading around 1.3650 during the European session on Tuesday. Statistics Canada is set to release the top-tier Consumer Price Index (CPI) data for May later in the North American session.The downward correction in the crude Oil prices put pressure on the commodity-linked Canadian Dollar (CAD) as Canada is the largest crude Oil exporter to the United States (US). West Texas Intermediate (WTI), the US crude Oil benchmark, trades around $81.40, at the time of writing. However, Crude prices may limit its downside on the hope for a strong summer driving demand and Oil supply concerns amid the ongoing geopolitical tensions in the Middle East.The US Dollar (USD) received downward pressure from dovish comments from Chicago Fed President Austan Goolsbee, which in turn undermines the USD/CAD pair. On Monday, Goolsbee said in a chat show on CNBC’s Squawk Box that the Federal Reserve might need to consider whether the restrictive policy is putting too much pressure on the economy.US Dollar Index (DXY), which measures the value of the US Dollar against six other major currencies, remains softer ahead of the revised US Gross Domestic Product (GDP) for the first quarter (Q1) is set to be released on Thursday, followed by the Personal Consumption Expenditure (PCE) Price Index on Friday. USD/CAD
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