USD/CAD softens near 1.3550 on bearish US Dollar, investors await BoC's Macklem speech

• USD/CAD trades on a weaker note around 1.3560 in Friday's early Asian session. 
• The speculation of additional rate cuts by the Fed this year continues to undermine the USD. 
• Higher crude oil prices support the commodity-linked Loonie. 

The USD/CAD pair attracts some sellers near 1.3560, snapping the two-day winning streak during the early Asian session on Friday. The Greenback edges lower as investors assessed the prospects of further rate cuts by the US Federal Reserve (Fed) in the months to come. The Bank of Canada (BoC) Governor Tiff Macklem will deliver a speech later on Friday. 

The Fed surprised the financial markets with a 50 basis points (bps) rate cut on Wednesday, bringing its target range to 4.75% to 5.00%. Fed Chair Jerome Powell said the move was "strong" but that it was needed as price rises ease and job market concerns grow. The dovish stance of the US Fed and the expectation of additional rate cuts this year could further weigh on the US dollar (USD) in the near term. 

Data released by the US Department of Labor (DoL) on Thursday showed that the US weekly Initial Jobless Claims slid to the lowest since May, signaling the labor market remains healthy despite a slowdown in hiring. US citizens that newly applied for unemployment insurance benefits came in at 219K for the week ending September 14. This figure was below the market consensus of 230K and lower than the previous week of 231K (revised from 230K).

On the other hand, the rise in crude oil prices provides some support to the commodity-linked Canadian Dollar (CAD). It's worth noting that Canada is the largest oil exporter to the United States (US), and higher crude oil prices tend to have a positive impact on the CAD value.