The USD/CAD pair clings to gains near 1.3770 in Monday’s New York session.
USD/CAD aims to recapture 1.3800 amid firm US Dollar. A sharp decline in Fed rate-cut bets boosts the US Dollar’s appeal. Investors look for fresh cues about BoC’s subsequent rate cuts. The Loonie asset aims to extend upside as the US Dollar remains firm due to diminished Fed eral Reserve rate-cut bets for the September meeting. Traders pares Fed rate-cut bets swiftly after the strong United States Nonfarm Payrolls report for May eliminated fears of normalizing labor market conditions.
In the same period, headline inflation is expected to have grown steadily by 3.4%. The Fed is widely anticipated to maintain interest rates steady in the range of 5.25%-5.50% with a hawkish outlook as the last mile for inflation to return to the desired rate of 2% appears to be stickier. On the Canadian Dollar front, investors await the speech from Bank of Canada Governor Tiff Macklem, which is scheduled for Wednesday.
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