The USD/CAD pair falls back sharply while attempting to recapture the round-level resistance of 1.3700 in Monday’s American session.
USD/CAD falls sharply from 1.3700 amid a soft US Dollar. Investors await the US Inflation for fresh guidance on interest rates. Strong Canadian job data deepens uncertainty over BoC rate-cut prospects. The Loonie asset comes under pressure as the US Dollar falls sharply due to firm speculation that the Fed eral Reserve will start reducing interest rates from the September meeting. This has also improved the risk appetite of investors.
Hotter-than-expected inflation data would neutralize the impact of fewer hiring and slower wage growth in April and will force traders to unwind their bets in favor of rate cuts in September. On the contrary, soft inflation data will further boosts Fed rate-cut prospects. On the Canadian Dollar front, strong Employment data for April has blown expectations for the Bank of Canada , pivoting to policy normalisation from the June meeting. Statistics Canada reported that Canadian employers hired 90.
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