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The USD/CAD pair slipped to near 1.3800 after weak US ADP employment data and slightly better-than-expected Canadian May GDP. Markets awaited the Federal Reserve's policy announcement, expected to hold rates with dovish guidance.
Softer US labor data points to Fed easing that weakens the dollar, supporting the loonie and currency-linked commodity pricing in USD terms.
octaafrica.netJul 31, 2024Not enough comparable past events yet for a historical read.
After 1,637 past bearish macro events, DXY moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
