The USD/CAD pair recovers from 1.3660 and recaptures the round-level resistance of 1.3700 in the late London session. The Loonie asset finds support a
USD/CAD recovered to near 1.3700 after the US Dollar rebounded strongly. A delay in Israel’s planned ground attack in Gaza has eased the broader risk-off mood. The BoC is expected to keep interest rates unchanged at 5%. s the US Dollar rebounds after discovering buying interest near 105.40. Investors rush for the US Dollar and long-term bond yields as the focus shifts to the crucial United States economic data, which will be released this week. The US Dollar Index has come closer to 106.00.
In the late New York session, the US S&P Global preliminary PMI for October will be keenly watched. As per the estimates, the Manufacturing PMI dropped to 49.5 against September’s reading of 49.8. The Services PMI is seen declining marginally below the 50.0 threshold to 49.9 versus the former release of 50.1. On the Canadian Dollar front, the focus will be on the interest rate decision by the Bank of Canada , which is scheduled for Wednesday.
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