Canadian Dollar climbs a third of a percent against Greenback after sour data patch.
Canada economic data remains thin until Friday’s labor figures.
US data broadly softens, propping up rate cut hopes.
The Canadian Dollar (CAD) gave a shaky performance on Wednesday. The Loonie was mixed against a basket of major currencies but notably climbed one-third of one percent against the US Dollar (USD) after a raft of data misses from the US. Broad-market rate cut hopes are stepping higher after a sharp drag on US ISM Purchasing Managers Index (PMI) activity figures, and rate markets are pricing in over 70% odds of at least a quarter-point rate trim from the Federal Reserve (Fed) in September.
Canada saw little impact from low-tier trade balance figures on Wednesday. Imports and Exports both declined slightly, leading to a sharper-than-expected contraction in May’s International Merchandise Trade tally. Thursday will bring a notable lull to the action with US markets set to be shuttered for the US Independence Day holiday. Friday will open the floodgates with a fully-stocked US session for the latest US Nonfarm Payrolls (NFP) labor data dump.
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