The USD/CAD pair jumps to 1.3660 in Monday’s European session.
USD/CAD rises to 1.3660 due to the US Dollar’s recovery and firm speculation BoC’s rate-cut on Wednesday. The BoC is expected to announce a rate-cut move for the first time after two year-long policy-tightening stance. The next move in the US Dollar will be guided by US ISM Manufacturing PMI for May The Loonie asset strengthens as the US Dollar extends recovery due to uncertainty among market participants ahead of a United States data-packed week.
This week, investors will focus on the US ISM Manufacturing and Services PMI and the Nonfarm Payrolls data for May. In today’s session, investors will focus on the Manufacturing PMI data for May, which will be published at 14:00 GMT. The PMI is estimated to have improved to 49.8 from the former reading of 49.2. However, a figure below the 50.0 threshold is considered as contraction.
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