The USD/CAD pair remains on the defensive around 1.3620 during the early Asian session on Tuesday.
USD/CAD trades with mild losses near 1.3620 on Tuesday. The US business activity in themanufacturing sector contracted for the second consecutive month inMay. Markets expect the BoC to cut its key lending rate by a quarter of a percentage point on Wednesday. The downtick of the pair is backed by the softer US Dollar to the 104.00 support level on Monday. Investors will shift their focus to the US Services PMI on Wednesday ahead of the highly-anticipated Nonfarm Payrolls .
Capital Markets economists anticipate the BoC could cut its interest rate up to three times before the Fed begins easing policy. The divergence of policy rate between the BoC and Fed might drag the Canadian Dollar lower and create a tailwind for USD/CAD. The BoC governor Tiff Macklem said that a rate cut is possible, but that the decision would be driven by economic data. USD/CAD Overview Today last price 1.3623 Today Daily Change -0.0004 Today Daily Change % -0.03 Today daily open 1.
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