“Canadian Prime Minister (PM) Justin Trudeau on Tuesday said his government was watching rising interest rates ‘with concern,’ when asked about the impact higher borrowing costs are having on housing affordability in the country,” said Reuters on late Tuesday.

“We know full well that housing prices are a real concern, especially for middle-class Canadians hoping to buy their first home,” Canadian PM Trudeau spoke to Parliament by video conference after testing positive for COVID-19.

USD/CAD retreats below 1.3000

Following the news, USD/CAD eases from a monthly high surrounding 1.2975, also probing the five-day uptrend.

Also read: USD/CAD marches firmly to fresh multi-week highs around 1.2960s, ahead of FOMC, US Retail Sales