USD/CAD trades on a softer notearound1.3685 in Monday’s early European session. US NFP rose 175,000 in April from 315,000 in March; Unemployment Rate rose to 3.9% in April from 3.8% prior. BoC governor said it may soon cut rates as he is more confident thatinflationis moving in the right direction. The Canadian Dollar edges higher amid the rise in crude oil prices, which creates a headwind for USD/CAD.
In response to the data, the Greenback faced some selling pressure across the board as markets expect the Fed to lower its borrowing costs twice this year instead of only once before the data. Financial markets have priced in nearly 68% odds of a September rate cut by the Fed, according to the CME Fedwatch tool.
Source: Digital Coin News (digitalcoinnews.net)
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