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.
USD/CAD SHORT (Sell)
Enter at: 1.31270