The USD/CAD pair gives up some of its intraday gains after posting a fresh two-month high to near 1.3780 in Friday’s New York session.
USD/CAD surrenders some of its intraday gains after the US and Canada data. The Canadian employment data showed that job demand remained robust and the jobless rate decelerated. The US headline PPI remained flat, while the core producer inflation grew expectedly by 0.2% in September. The Loonie asset surrenders some gains after the release of the United States Producer Price Index and the Canadian Employment data for September. The initial reaction after the data release was very bearish.
Blowout job numbers could diminish market expectations for the Bank of Canada to reduce interest rates again in October. The BoC has already cut its key borrowing rates by 75 basis points to 4.25%. Meanwhile, Average Hourly Wages decelerated at a faster pace to 4.5% from 4.9% in August. This would keep risks of price pressures remaining persistent under control. In the United States , the headline PPI remained flat on month-on-month. While the core producer inflation grew expectedly by 0.2%.
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