USD/CAD trades in negative territory around 1.3523 amid the softer USD. The US S&P Global Manufacturing PMI increased to 52.5 in March vs. 52.2 prior, stronger than expected. The Bank of Canada expects to begin cutting interest rates this year, although policymakers vary on the precise timing. The decline of the US Dollar below the 104.00 mark weighs on the pair. At the press time, USD/CAD is trading at 1.3523, losing 0.05% on the day.
On the Loonie front, theBank of Canada Summary of Deliberations from its March meeting showed that the governing council agreed that if the economy continues to evolve “in line with the Bank’s projection, the conditions for rate cuts should materialize over the course of this year. However, the timing of rate cuts remains uncertain. The BoC Governor Tiff Macklem said the central bank did not want to move too quickly, only to have to reverse course later.
Source: Digital Coin News (digitalcoinnews.net)
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