USDCAD Technical Analysis – The pair trades above a key level ...Middle East

Fundamental OverviewThe USD rallied across the board last Friday following the hot US NFP report. The market priced out all the aggressive expectations and it’s now finally in line with the Fed’s projections. The focus remains on the economic data. The next key event to watch will be the US CPI report on Thursday. We will likely need a hot report to see a strong rally, while a big miss could see the market price back in a more aggressive path for rate cuts. On the CAD side, the latest soft Canadian CPI raised the probabilities for a 50 bps cut at the upcoming meeting as BoC’s Macklem hinted to a possibility of delivering larger cuts in case growth and inflation were to weaken more than expec

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