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The Canadian dollar slipped on Tuesday after stronger-than-expected US JOLTS job openings data lifted the US dollar. Markets now price a 62% chance of no Fed rate cut in March.
Canadian GDP and US nonfarm payrolls are due later in the week.
A firmer US dollar and reduced rate-cut expectations tend to support the dollar index and pressure dollar-denominated commodity prices.
fxdailyreport.comDaffa ZakyJan 30, 2024After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.
Not enough comparable past events yet for a historical read.
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.
