The USD/CAD pair trades in a tight range near the round-level figure of 1.3800.
USD/CAD trades back and forth near 1.3800 ahead of BoC interest rate meeting. The BoC is expected to reduce interest rates further by 25 bps. The uncertainty over US presidential elections has dampened market sentiment. The Loonie asset consolidates as investors shifts to the sidelines with focus on the Bank of Canada’s monetary policy meeting scheduled for 13:45 GMT. The BoC is expected to deliver subsequent rate cuts due to cooling inflationary pressures.
The US Dollar Index , which tracks the Greenback’s value against six major currencies, clings to weekly gains near 104.50. In today’s session, investors will focus on the US S&P Global flash Purchasing Managers’ Index data for July, which will be published at 13:45 GMT. The report is expected to show that the Manufacturing PMI expanded at a nominal pace to 51.7 from June’s reading of 51.6.
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