Canadian Dollar bounces up with the US Dollar retreating on downbeat US data.
US service sector activity decelerated against expectations with Prices Paid printing lowest level in years. Strong US ADP and hawkish comments from Fed’s Bostic have failed to support USD. The Canadian Dollar is trading higher on Wednesday, retracing the previous two days’ losses. The Loonie is favored by the US Dollar's knee-jerk reaction following downbeat US services activity data.
Earlier on Wednesday, the US ADP Employment Report showed an increase of 184,000 new payrolls in March from 155,000 in February. The market had forecasted a decline to 148,000. Atlanta Fed President Raphael Bostic struck a hawkish note on Wednesday suggesting that rate cuts might not arrive after the Q4. Canadian Dollar price today The table below shows the percentage change of Canadian Dollar against listed major currencies today. Canadian Dollar was the weakest against the .
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