Canadian Dollar finds gains, but remains slightly lower against the Greenback.
Canada is set to deliver another BoC rate cut despite near-term inflation uptick.
Key US data due this week will likely overshadow BoC moves.
The Canadian Dollar (CAD) mostly paddled in place on Tuesday, finding thin gains across the board but still struggling to make headway against a mild recovery in US Dollar bidding. A quiet start to the trading week is set to give way to a moderately hectic second half beginning with Wednesday’s expected rate trim from the Bank of Canada (BoC) and a raft of key data prints from the US in a three-day binge.
Canada is all set to deliver another quarter-point rate cut on Wednesday after the BoC boxed itself into a promised series of rate cuts in the latter half of 2024. Despite a near-term uptick in core inflation metrics that would normally worry a major central bank, the BoC is determined to shrug off a data-dependent approach. Instead, the BoC is determined to soothe broad-market demands for cheaper debt financing costs.
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