April JOLTS report shows US job openings surged to 7.618M, exceeding forecasts and bolstering Fed caution on rate cuts.
The USD/CAD pair retreated toward 1.3830 on Tuesday, paring recent gains as the US Dollar paused its rally. Geopolitical tensions in the Middle East, including suspended US-Iran communications, kept safe-haven demand elevated but failed to fully offset profit-taking after the Greenback’s advance.
US job openings climbed to 7.618M in April from a revised 6.887M in March, surpassing expectations of 6.88M. The data underscored labor market resilience, reinforcing Federal Reserve officials’ cautious stance on monetary easing. Cleveland Fed President Beth Hammack noted the figures aligned with ongoing policy prudence.
The Canadian Dollar found support as investors weighed potential energy supply disruptions, particularly around the Strait of Hormuz. Oil prices, though softer recently, remain sensitive to geopolitical risks, offering limited relief to the CAD.