$USDCAD soars on Powell’s remarks and soft Canadian CPI Read More!👉 Forex Fed
, which gains 0.42%, up to 102.943. Nevertheless, US Treasury bond yields are dropping, with the US 10-year benchmark note rate at 3.748%, two basis points lower than its opening price.
Regarding data, the US Trade deficit narrowed by 6.1% to $-91.1 billion, compared to April’s $-97.1 billion, as revealed by the US Department of Commerce. Sources cited by Reuters commented, “Even with the narrowing in May, the goods trade deficit is up by over 10% since March, and trade will likely be a drag on economic growth in the second quarter.”
Aside from this, the latest inflation report from Canada was softer than expected after the Bank of Canada delivered a 25 bps rate hike on a sudden shift of monetary policy stance. The Consumer Price Index in May grew 3.4% YoY vs. 4.4% the prior month, the lowest level since June 2021. The common Core rose by 5.2% YoY, vs. 5.7% in April, the weakest since March 2022.
The USD/CAD would shift to neutral bullish if buyers reclaim the February 2 daily low of 1.3260 and extend its gains past 1.3300. Otherwise, any rallies could be used for USD/CAD sellers to reposition and enter at a better price.
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