- USD/CAD remains bid near 1.3700 as the US Dollar struggles to hold above 105.00.
- Weak US data and less hawkish comments from the Fed's Williams have weighed on the US dollar.
- Canadian employers are expected to have hired 20,000 job seekers in April.
The USD/CAD pair is constantly facing pressure near the round resistance level of 1.3700. The Canadian Dollar is moving around 1.3680 due to the absence of top-level economic data from the United States this week. In Canada, investors will focus on April employment data, due out on Friday.
Therefore, speculation on the outlook for interest rates from the Federal Reserve (Fed) and the Bank of Canada (BoC) will guide the movement of the Canadian dollar asset.
Market sentiment is slightly bullish amid strong speculation that the Fed will begin lowering interest rates from their current level at its September meeting. The S&P 500 opens on a cautiously positive note, suggesting improving investor risk appetite. The US 10-year Treasury yield has fallen to 4.45% as the Fed's easing of the Fed's tightening stance on interest rates is an unfavorable condition for low-interest rate assets.
The US Dollar Index (DXY) struggles to hold above 105.00 as weak Non-Farm Payrolls (NFP) and poor April services PMI data have raised expectations that the Fed will begin cutting rates of interest starting in September. Weak US data has raised concerns about the country's economic outlook, which investors had anticipated as strong due to optimistic GDP growth.
On the other hand, less hawkish comments from Fed officials have also affected the US dollar. On Monday, New York Fed President John Williams said the central bank's next move will be a rate cut.
As for the Canadian Dollar, investors await employment data that will influence expectations of rate cuts by the BoC, currently anticipated for the June meeting. Statistics Canada is expected to report an increase in payroll numbers of 20,000, up from a decrease of 2,200 in March. The unemployment rate is estimated to rise to 6.2%, up from 6.1% previously. Investors will especially focus on the annual average hourly wage data which will indicate wage growth, which indicates the outlook for inflation.
USD/CAD
Overview | |
---|---|
Latest price today | 1.3677 |
Today's daily change | 0.0011 |
Today's daily change | 0.08 |
Today's daily opening | 1.3666 |
Trends | |
---|---|
SMA20 daily | 1.3711 |
50 daily SMA | 1.3611 |
SMA100 daily | 1.3513 |
SMA200 Journal | 1.3556 |
Levels | |
---|---|
Previous daily high | 1.3697 |
Previous daily low | 1.3648 |
Previous weekly high | 1.3785 |
Previous weekly low | 1,361 |
Previous Monthly High | 1.3846 |
Previous monthly low | 1.3478 |
Daily Fibonacci 38.2 | 1.3667 |
Fibonacci 61.8% daily | 1.3678 |
Daily Pivot Point S1 | 1.3644 |
Daily Pivot Point S2 | 1.3621 |
Daily Pivot Point S3 | 1.3594 |
Daily Pivot Point R1 | 1.3693 |
Daily Pivot Point R2 | 1,372 |
Daily Pivot Point R3 | 1.3742 |
Source: Fx Street

I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.