USD/CAD edges higher on Tuesday, to trade in the 1.3640s, as it continues its broadly range-bound consolidative market mode of the last three-month period.
USD/CAD edges lower as traders await the testimony of Fed Chair Jerome Powell to the US Senate on Tuesday. The pair is dominated by the US Dollar as the Canadian data schedule remains uneventful till next week. Markets keep betting on the Federal Reserve cutting US interest rates in September, a potential negative for USD/CAD.
Although NonFarm Payrolls beat expectations of 190K to register 206K new jobs added, the previous month was revised drastically down. Inflation data has also generally come out on the cool side. In the NFP report Average Hourly Earnings remained unchanged from May and met expectations exactly. Prior to that the Fed’s preferred gauge of inflation, the Personal Consumption Expenditures Price Index, edged down to 2.6% for both headline and core inflation in May.
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