USD/CAD spikes higher to 1.3750 as focus shifts to BoC monetary policy

The USD/CAD pair reversed losses and climbed back strongly to the crucial resistance around 1.3750 in the early New York session. The Loonie asset rev

USD/CAD recovers strongly to 1.3750 as the US Dollar recovers due to higher bond yields. Fed Mester said that policymakers need to be “nimble” amid current economic uncertainties. The BoC is expected to keep interest rates unchanged amid easing labor demand and price pressures. ives strongly as the US Dollar Index finds support near 106.00. S&P500 opens on a bearish note amid dismal market sentiment.

Cleveland Fed Bank President Loretta Mester said that the Fed is at or near the peak to interest rates. She further added that policymakers need to be “nimble” amid current economic uncertainties. On the Canadian Dollar front, investors await the interest rate decision by the Bank of Canada , which will be announced on Wednesday. Easing labor demand and price pressures would allow the BoC to keep interest rates unchanged at 5%.

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