USD/CAD kicks off the week by continuing the gains in the second trading session. The spot price is bidding the quotes higher around 1.3580 during the
US bills were successfully passed to avert a government shutdown, securing funding until November 17.kicks off the week by continuing the gains in the second trading session. The spot price is bidding the quotes higher around 1.3580 during the early Asian session on Monday. holds ground to continue to gain in the second trading session after the moderate datasets from the United States . The spot price bids higher around 106.20.
The USD/CAD pair faces upward support, primarily due to the upbeat US Dollar after the moderate economic data released on Friday. The US Michigan Consumer Sentiment Index improved to 68.1 from the previous figure of 67.7, which was expected to remain unchanged.- Price Index for August rose 3.9% as estimated, eased from the previous reading of 4.3%. Core PCE showed a soft reading of 0.1% against the market consensus to be consistent at the 0.2% prior.
On the other side, the CAD received downward pressure due to the downbeat Gross Domestic Product data for July, which reported flat at 0.0% against the market expectations of 0.1% growth. Theretreated from one-year highs over the last two trading sessions in the previous week, due to market caution on the Fed’s interest rates trajectory. This development weakened the Canadian Dollar against the Greenback as Canada is the biggest oil exporter to the United States .
Traders await US ISM Manufacturing PMI for September ahead of the Fed’s Chair Jerome Powell's speech on Monday. The Canada’s S&P Global Manufacturing PMI will also be eyed.Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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