USD/CAD remains steady as the market awaits the release of labor market data today.

Create at 3 months ago (Aug 09, 2024 18:33)

Statistics Canada is set to release its labor force survey today, which has drawn significant attention from investors. The labor market data could influence the Bank of Canada's decision to ease monetary policy.

 

Although the Canadian labor market has started to show signs of easing, high wage growth has led companies to cut more than 14,000 positions in June, which could result in the unemployment rate increasing for the third consecutive month.

 

The Bank of Canada recently cut its policy interest rate by another 25 basis points to 4.50%, following a 0.25 basis point cut in June. In this meeting, the central bank also indicated the possibility of further rate cuts if inflation does not exceed the bank's target.

 

Source: Fxstreet

 

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