The USD/CAD pair climbs to near 1.3750 in Friday’s American session.
USD/CAD gains further to near 1.3750 after downbeat Canadian Retail Sales data for May. Canadian Retail Sales contracted at a faster-than-expected pace, boosting BoC’s subsequent rate-cut prospects. The US Dollar rises as prospects of Trump’s victory in the US presidential elections improve.
Meanwhile, more upside in the US Dollar has also improved the Loonie’s appeal. The US Dollar Index , which tracks the Greenback’s value against six major currencies, jumps higher to near 104.40. 10-year US Treasury yields rise to 4.24%. In Friday’s session, investors will focus on the speeches from Federal Reserve policymakers: New York Fed Bank President John Williams and Atlanta Fed Bank President Raphael Bostic are lined-up for speech.
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