Canadian Dollar Outlook Hinges on Bank of Canada (BoC) Rate Decision
2021-06-05 04:00:00
David Song,
Strategist
Canadian Dollar Talking Points
USD/CAD gives back the rebound from the start of the month as the weaker-than-expected US Non-Farm Payrolls (NFP) report drags on the Greenback, and the Canadian Dollar may continue to outperform its US counterpart if the Bank of Canada (BoC) unveils a less dovish forward guidance for monetary policy.
Fundamental Forecast for Canadian Dollar: Neutral
USD/CAD appears to be unfazed by the 68.0K decline in Canada Employment as it pulls back from a fresh weekly high (1.2133), and it remains to be seen if the BoC will react to the fresh data print as job growth contracts for the second straight month.