The USD/CAD pair holds ground above the crucial support of 1.3600 in Monday’s European session.
USD/CAD stabilizes above 1.3600 as investors expect that the BoC will deliver back-to-back rate cuts. Loosening US labor market strength has boosted Fed rate-cut bets. Investors await the US CPI data for June. The Loonie asset trades in a tight range inside Friday’s range, while the outlook remains uncertain as easing United States labor market strength has increased investors’ confidence for early rate cuts by the Fed eral Reserve .
The US CPI report is expected to grow steadily on year by 3.4%. The scenario in which the core inflation grew steadily or at a higher pace would dampen market speculation for Fed rate cuts in September. On the contrary, higher-than-expected inflation reading will strengthen the same. On the Canadian Dollar front, market expectations for subsequent rate cuts by the Bank of Canada have improved due to turmoil in labor market. Canada’s Unemployment Rate rose at a faster pace to 6.
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