The USD/CAD pair trades with mild negative bias around 1.4280 during the late American session on Tuesday. The US Dollar (USD) weakens as Federal Reserve (Fed) Chair Jerome Powell’s testimony before Congress wasn’t as hawkish as expected. Later on Wednesday, the release of the US Consumer Price Index (CPI) inflation data will take center stage. 

In his semi-annual report to Congress, Fed’s Powell said the Fed officials “do not need to be in a hurry” to cut interest rates due to strength in the job market and solid economic growth. He added that US President Donald Trump’s tariff policies could