The USD/CAD pair marches swiftly towards the round-level resistance of 1.3900 in the early New York session
USD/CAD advances toward 1.3900 amid caution ahead of Fed policy. Fed policymakers believe that higher US Treasury yields are slowing overall spending and investment. BoC Macklem said that the central bank is prepared to raise rates if necessary. . The Loonie asset strengthens as investors have turned cautious ahead of the interest rate decision by the Federal Reserve , which will be announced on Wednesday.
Apart from the Fed policy, investors will keenly watch private payrolls and the ISM Manufacturing PMI data for October. As per the estimates, 150K fresh private jobs were added against 89K added in September. The Manufacturing PMI is seen steady at 49.0, below the 50.0 threshold for the 12th month in a row. On the Canadian Dollar front, Bank of Canada Governor Tiff Macklem emphasized on protecting Canada’s good fiscal position in his speech on Monday.
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