The USD/CAD pair extends its upside to near 1.3770 in Friday’s American session.
USD/CAD rises further to 1.3770 as the Fed ’s hawkish policy update dampens market sentiment. Fed Mester agreed that the disinflation process has resumed. Canada’s Manufacturing Sales grew by 1.1% in April on month, missing estimates of 1.2%. The Loonie asset strengthens as the US Dollar rises further due to a hawkish interest rate update by the Fed eral Reserve .
Meanwhile, Cleveland Fed Bank President Loretta Mester appeared in an interview with CNBC after the completion of the blackout period due to the Fed’s monetary policy meeting. Mester acknowledged that the disinflation process has resumed after stalling, however, policymakers want to see price pressures cooling further from their current levels to gain confidence for rate cuts.
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