USD/CAD: Mildly offered below 1.3550 amid steady Oil price, focus on US, Canada employment data – by anilpanchal7 USDCAD Oil BOC Fed NFP
That said, BoC’s Macklem said if they start to see signs that inflation is likely to get stuck materially above their 2% target, they are prepared to raise interest rates further.appeared slightly cautious while suggesting that the current monetary policy is at sufficiently restrictive levels.price remains steady near $68.
It should be noted that the mixed data also prod the USD/CAD traders from calling in fresh bids. That said, preliminary readings of Nonfarm Productivity and Unit Labor Cost for the first quarter of 2023 came in mixed. That said, Nonfarm Productivity dropped to -2.7% in Q1 from 1.6% prior and -1.8% market forecasts whereas the Unit Labor Cost jumped to 6.3% versus 5.5% expected and 3.3% prior. Further, the US Goods and Services Trade Balance improved to $-64.2B from $-70.6B prior and $-63.
Contrary to the US data, downbeat prints of Canada’s Ivey Purchasing Managers’ Index for April, and an improvement in Canadian International Merchandise Trade for March, seem to weigh on the Loonie pair. Amid these plays, S&P 500 Futures print mild gains even if Wall Street benchmarks closed in the red. Further, the US Treasury bond yields ended Thursday’s North American session on the downside but an absence of Japanese traders limit bond market moves in Asia.
Moving ahead, USD/CAD may witness lackluster moves ahead of the key US and Canada employment data. However, the Loonie pair’s odds of rebound are high as forecasts suggest downbeat prints of the headline USpair sellers in the last two weeks, the impending bear cross on the MACD and steady RSI suggests a clear break of the 1.3525 DMA support this time. Alternatively, the Loonie pair’s surprise bounce can’t convince the bulls unless crossing a descending resistance line from March 10, near 1.
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