USD/CAD battlers around the 1.3600 figure, after solid Canadian GDP overshadows US JOLTs data – by christianborjon USDCAD Currencies Majors
by the Bank of Canada . Nevertheless, recent data in the United States , alongside a risk-off impulse, cushioned the pair’s fall and trades at 1.3584, down by 0.10%.
Canada’s economy growing faster than estimates, takes a potential rate hike back into the table for the BoC for the first quarter rose above estimates, accelerating further in April, according to data. The Canadian economy expanded by 3.1% YoY, smashing 2.5% estimates, and month-over-month in March stood at 0%, against the above forecasts—the preliminary figure for April stood at 0.2%.
After the data was released, the USD/CAD tumbled from around 1.3640 toward 1.3606 before data from the US sponsored a short-lived recovery. In the US, the April job openings report, known as JOLTs, unexpectedly soared to its highest level in three months, justifying the need for additional interest rate hikes by the US Federal Reserve . Vacancies grew to 10.1M, above estimates of 9.375M, and posted more than 300K compared to March. Although it cushioned the USD/CAD fall and reclaimed 1.3600, the pair extended its losses below the latter.threw a lifeline, as it extended its losses by 1.
buyers reclaim 1.3600, that will exacerbate a continuation of the ongoing rally, but a decisive break above the weekly high of 1.3651 is needed to challenge 1.3700.
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