Fundamental OverviewThe USD yesterday came under pressure following the miss in the US ISM Manufacturing PMI which triggered a drop in Treasury yields. In terms of market pricing, not much has changed as we still oscillate between one and two rate cuts by the end of the year. Nonetheless, the data reinforced the narrative that the next move is more likely to be a rate cut, and that inflation is likely to keep coming back to target. The CAD, on the other hand, is a bit under pressure from the negative risk sentiment and the drop in oil prices. Tomorrow, we have the BoC Policy Decision where the central bank is expected to cut interest rates from 5.00% to 4.75%. If they refrain from cutting ra
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