USD/CAD rallies to three-day highs around 1.3580s post upbeat US Services PMI

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USD/CAD rallies to three-day highs around 1.3580s post upbeat US Services PMI – by christianborjon USDCAD Majors Macroeconomics Technical Analysis

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jumped 1% vs. expectations of a 0.7% increase, above September’s data.

Aside from this, last week’s dovish speech by the Federal Reserve Chair Jerome Powell, saying that moderating interest rate hikes could happen as soon as December, plunged the USD. Nevertheless, last Friday’s US Nonfarm Payrolls report cemented the case for additional rate hikes. November figures came at 263K beating the consensus of 200K, while the Average Hourly Earnings jumped by 5.1% YoY, above 4.9% forecasts.

Ahead into the week, the Bank of Canada Wednesday’s monetary policy looms, with analysts split between a 25 or 50 bps rate hike. Analysts at TD Securities expect a 25 bps rate hike, taking rates to the 4.00% threshold. Later in the week, the BoC’s Deputy Governor Kozicki will cross newswires, followed by the Balance of Trade and Building Permits for October.

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