The USD/CAD pair remains on the defensive near 1.3685 on Monday during the early European trading hours.
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.
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USD/CAD IG Client Sentiment: Our data shows traders are now net-long USD/CAD for the first time since Apr 10, 2024 when USD/CAD traded near 1.37.Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger USD/CAD-bearish contrarian trading bias.
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