USD/CAD recovers its recent losses below 1.3200 ahead of the US ISM PMI – by lilyfinancial USDCAD Majors Macroeconomics
, a measure of the value of the Greenback against a basket of six major currencies, gains momentum near 101.95, gaining 0.08% for the day. Market participants await the US ISM Manufacturing Purchasing Managers Index data later in the North American session ahead of the Canadian employment data and the USOn Monday, the United States released low-tier economic data. The US Chicago Purchasing Managers Index for July increased to 42.8 from 41.
On the Canadian Dollar front, the Bank of Canada policymakers indicated they are still likely to further hike their benchmark interest rate after raising it by 25 basis points to 5.0% on July 12. BoC Governor Tiff Macklem disclosed that future policy decisions would be based on incoming data and the inflation outlook. However, market participants anticipated that the Bank of Canada would not deem it necessary to increase interest rates further this year.
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