The USD/CAD pair trades in a tight range slightly above the crucial support of 1.3650 in Monday’s Asian session.
USD/CAD finds interim support near 1.3650 on firm speculation that the BoC will announce a rate cut on June 5. The US Dollar is expected to recover as expectations for the Fed pivoting to rate cuts in September have come down significantly. Trading volume is expected to remain light in Monday’s session on account of the holiday in US markets. The Loonie asset struggles for a direction as the US Dollar steadies due to holiday mood in the United States economy on account of Memorial Day.
Meanwhile, the outlook of the Canadian Dollar is also vulnerable as weak domestic spending has increased the likelihood of a rate-cut move by the Bank of Canada in its upcoming monetary policy on June 5, Statistics Canada showed on Friday that monthly Retail Sales for March were down by 0.2%. The pace at which Retail Sales contracted was sharper than a decline of 0.1% recorded for the February month.
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