USD/CAD strives to climb above 1.3900 as the US Dollar clings to gains.
Investors await a slew of US macroeconomic data for fresh interest rate guidance.
The Canadian Dollar has been battered by weak Oil prices.
The USD/CAD pair struggles to extend its rally above the round-level resistance of 1.3900 in Tuesday’s European session. The rally in the Loonie pair appears to have paused for a while, with investors focusing on a string of the United States (US) economic data to be released this week. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, edges lower in European trading hours but is close to a fresh almost three-month high near 104.60.
This week, investors will pay close attention to the US labor market-related indicators such as JOLTS Job Openings, ADP Employment and the Nonfarm Payrolls, Personal Consumption Expenditure Price Index (PCE), and the flash Q3 Gross Domestic Product (GDP) to get insights about the Federal Reserve’s (Fed) likely interest rate action in both policy meetings in November and December.
Meanwhile, the overall market mood appears to be very quiet, with investors remaining cautious about US presidential elections on November 5. Latest election polls have shown that the competition between Vice President Kamala Harris and former US President Donald Trump will be a tough call.
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