The USD/CAD pair delivers volatile moves above the round-level support of 1.3700 after the release of the weak Canadian Employment data for July.
USD/CAD shows volatility after a weak Employment report. Canada’s labor market was squeezed and the wage growth measure decelerated in July. The US Dollar declined on expectations that the Fed will cut interest rates in September. Statistics Canada reported that the labor market unexpectedly squeezed by 2.8K. Economists expected fresh addition of 22.5K payrolls against lay-off of 1.4K workers in June. The Unemployment Rate rose steadily by 6.4% and remained lower than estimates of 6.5%.
Other factors include market sentiment – whether investors are taking on more risky assets or seeking safe-havens – with risk-on being CAD-positive. As its largest trading partner, the health of the US economy is also a key factor influencing the Canadian Dollar. How do the decisions of the Bank of Canada impact the Canadian Dollar? The Bank of Canada has a significant influence on the Canadian Dollar by setting the level of interest rates that banks can lend to one another.
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