The USD/CAD pair extended its downside around 1.3605 during the early European session on Monday.
USD/CAD trades on a softer note near 1.3605 in Monday’s early Asian session. Canada’s CPI inflation data is estimated to ease to 2.8% YoY in April from 2.9% YoY in the previous reading. The Fed is expected to keep the rate on hold until September, despite cooler-than-expected US inflation data. The weaker US Dollar on the prospect of a Federal Reserve rate cut weighs on the pair. Investors await the Canadian Consumer Price Index inflation data for fresh impetus, which is expected to ease to 2.
On the other hand, the US Fed is anticipated to keep the rate on hold until September, despite cooler-than-expected US inflation data. Cleveland Fed President Loretta Mester, one of the FOMC’s more hawkish members, said that the Fed's current monetary policy stance is appropriate as it continues to assess incoming economic data. Additionally, Fed Governor Michelle Bowman said the policy is restrictive, but she is willing to hike rates if inflation stalls or reverses.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
USD/CAD remains on the defensive below 1.3700, focus on Fedspeak, Canadian PMI dataThe USD/CAD pair remains on the defensive near 1.3685 on Monday during the early European trading hours.
Read more »
USD/CAD posts modest gains above 1.3650 ahead of Canadian GDP dataThe USD/CAD pair posts modest gains around 1.3665 on Tuesday during the early Asian trading hours.
Read more »
USD/CAD IG Client Sentiment: Our data shows traders are now net-long USD/CAD for the first time since Apr 10, 2024 when USD/CAD traded near 1.37.Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger USD/CAD-bearish contrarian trading bias.
Read more »
USD/CAD falls sharply to 1.3630 as strong Canadian Employment numbersThe USD/CAD pair faces a sharp sell-off to 1.3630 in Friday’s early New York session as Statistics Canada has posted strong Canadian Employment data.
Read more »
USD/CAD rises above 1.3700 as strong US Q1 Employment Cost Index, weak Canadian GDPThe USD/CAD pair rises above the crucial resistance of 1.3700 in Tuesday’s early American session.
Read more »
USD/CAD bounces back to 1.3700 after weak Canadian Retail Sales dataThe USD/CAD pair witnesses strong buying interest and rises to 1.3700 as the Statistics Canada has posted weaker-than-expected Retail Sales data for March.
Read more »