The USD/CAD pair rises above the crucial resistance of 1.3700 in Tuesday’s early American session.
USD/CAD moves higher above 1.0700 on multiple tailwinds. The US Dollar rebounds after upbeat Q1 Employment Cost Index data. Weaker-than-expected Canadian GDP weighs on the Canadian Dollar. The Loonie asset strengthens as the US Dollar extends recovery after the United States Bureau of Labor Statistics reported stronger-than-expected Q1 Employment Cost Index data. The agency reported that the Labor Cost Index rose sharply by 1.2% from the consensus of 1.0% and the prior reading of 0.9%.
For the interest rate guidance, the Fed reiterates the need to keep interest rates higher for a long time until it gains confidence that inflation will sustainably return to the desired rate of 2%. Apart from a rebound in the US Dollar, the weak Canadian Dollar has also exerted pressure on the Loonie asset. The monthly Canadian Gross Domestic Product grew at a slower pace of 0.2% from the estimates of 0.3% and the prior reading of 0.5%, downwardly revised from 0.6%.
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