The USD/CAD pair trades with mild gains around 1.3710, snapping the four-day losing streak during the early Asian trading hours on Thursday.
USD/CAD gains ground near 1.3710 in Thursday’s early Asian session. The weaker US Retail Sales data fueled Fed rate cut expectations and might cap the Greenback’s upside. The BoC policymakers worried about downside risks and the possibility of a widening divergence between Canada and the US. The modest recovery of the US Dollar might be limited amid reduced bets of the US Federal Reserve rate cut this year.
The US Initial Jobless Claims are expected to drop 235K from the previous week of 242K. The better-than-expected reading could lift the Greenback and cap the downside for the pair. The Bank of Canada's latest Summary of Deliberations on Wednesday stated that the BoC policymaker has worried about downside risks and the possibility of a widening divergence between Canada and the US. The Canadian central bank decided tocut its policy rate to 4.75% from 5% on June 5, the first cut in four years.
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