The USD/CAD pair consistently faces pressure near the round-level resistance of 1.3700.
USD/CAD remains offered near 1.3700 as the US Dollar struggles to hold an auction above 105.00. Weak US data and less hawkish commentary from Fed Williams have weighed on the US Dollar. Canadian employers are anticipated to have hired 20K job-seekers in April. The Loonie asset is broadly sideways around 1.3680 due to the absence of top-tier United States economic data this week. In Canada, investors will keenly focus on the Employment data for April, which will be released on Friday.
Weak US data has raised concerns over the US economic outlook, which investors had been anticipating as strong due to upbeat Gross Domestic Product growth. Meanwhile, less hawkish commentary from Fed policymakers has also weighed on the US Dollar. On Monday, New York Fed Bank President John Williams said the next move from the central bank will be rate cuts.
Fed BOC Employment Dollarindex
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