The USD/CAD pair extends its upside to near the round-level resistance of 1.3700 in Monday’s New York session.
USD/CAD rises further to 1.3700 as the US Dollar bounces back with US ISM Manufacturing PMI in focus. An expected decline in the US core PCE inflation boosts Fed rate-cut hopes. Higher-than-expected increase in Canadian inflation eases hopes of BoC’s back-to-back rate cuts. The Loonie asset strengthens as the US Dollar recovers more than half of its intraday losses after posting a fresh three-day low near 105.40.
Meanwhile, the Canadian Dollar weakens despite hotter-than-expected inflation data for May eased expectations of subsequent rate cuts by the Bank of Canada . The BoCbegan its rate-cutting cycle from June. Economic Indicator ISM Manufacturing PMI The Institute for Supply Management Manufacturing Purchasing Managers Index , released on a monthly basis, is a leading indicator gauging business activity in the US manufacturing sector.
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