USD/CAD extends its downside below 1.3750 on a softer US Dollar

USD/CAD loses ground near 1.3730 on the softer USD on Thursday. The BoC Governor said the central bank is“getting closer”to rate cuts. The Fed has not changed its key interest rates and expressed more caution than previously about possible interest rate cuts. The downtick of the pairis backedby the weaker US Dollar Index to 105.75. The US Federal Reserve kept its benchmark short-term borrowing rate in a targeted range between 5.25% and 5.

3% expansion.Elsewhere,the Canadian Manufacturing PM dropped to 49.4 in April and 49.8 in March, below the market consensus of 50.2, according to S&P Global on Wednesday. On theUSD’sfront, the US Fed kept rates unchanged for a sixth consecutive meeting in the 5.25%–5.50% range, as widely expected by market participants. Fed Chair Powell sounded more cautious than the previous reading, arguing for more patience on the policy front.

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