The USD/CAD pair rises toward the round-level resistance of 1.3700 in Wednesday’s European session.
USD/CAD edges higher ahead of BoC’s interest rate decision and US Employment , and ISM Services PMI data. The BoC is universally expected to cut interest rates by 25 bps to 4.75%. The US data will influence Fed rate-cut prospects for September. The Loonie asset ticks higher ahead of the Bank of Canada’s interest rate policy in which it is expected to announce a rate-cut decision of 25 basis points .
Meanwhile, mild strength in the Loonie asset is also driven by further recovery in the US Dollar ahead of the United States ISM Services PMI and the ADP Employment data for May, which will be published in the New York session. The ADP agency is expected to show that fresh private payrolls were 173K, lower than 192K in April. The Services PMI, which gauges the service sector activity that accounts for the two-third of the economy, is estimated to have returned to expansion, seen at 50.
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