The Canadian Dollar recovers slightly as traders await key employment data from both Canada and the US later today.
The USD/CAD pair pulls back to 1.3880 after reaching a two-month high of 1.3925 earlier in the session. The Canadian Dollar (CAD) trims losses against the US Dollar (USD) as markets position for upcoming jobs data from both countries.
Prior to today’s release, the pair had climbed steadily amid broader USD strength and concerns over Canada’s economic outlook. Analysts expect the data to provide clues on monetary policy divergence between the Bank of Canada and the Federal Reserve.
No immediate market reaction was reported beyond the modest retracement in the currency pair.