USD/CAD Canadian Dollar Drops Ahead of Bank of Canada and Fed Minutes
The narrative of multiple rate cuts by the
Fed was put into question on Friday with a massive rebound in the American job
report for June. The number of jobs was higher than expected and is raising
concerns that three rate cuts might be too much.
In true monetary policy, maker fashion Fed
Chair Powell did not say much to guide markets during his address at the Boston
Fed. The highlight of the week will be his two-day testimonies in front of
Congress and the Senate. Sandwiched between the two will be the release of the
minutes from the FOMC in June.
The Bank of Canada (BoC) will release its rate statement on
Wednesday at 10:00 am, but the market anticipates the central bank keeping
rates intact at 1.75 percent.
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