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Forex News: Canadian Dollar Falls As Rate Cut Hopes Fade

Canadian Dollar Falls As Rate Cut Hopes Fade

04/02/2024 - 11:35:00 (RTTNews)

(RTTNews) - The Canadian dollar weakened against its major counterparts in the New York session on Tuesday, as traders lowered expectations for interest rate cut in June following strong U.S. manufacturing data.

Overnight data showed that U.S. manufacturing activity expanded for the first time in 1-1/2 years in March, pouring cold water on hopes for interest rate cuts in June.

Treasury yields moved sharply higher in reaction to the data on Monday and are seeing further upside this morning, with the yield on the benchmark ten-year note reaching a four-month high.

While CME Group's FedWatch Tool is currently still indicating 56.8 percent chance the Fed will cut rates by a quarter point in June, that is down from 63.8 percent a week ago.

The highly anticipated U.S. jobs report due on Friday could influence the Fed's decision on when to cut interest rates.

The loonie eased to 1.3583 against the greenback and 1.4623 against the euro, from an early high of 1.3556 and a 1-1/2-month high of 1.4545, respectively. The currency may locate support around 1.38 against the greenback and 1.48 against the euro.

The loonie touched 0.8848 against the aussie, setting a 5-day low. The currency is likely to face support around the 0.90 region, if it falls again.

The loonie eased against the yen and was trading at 111.63. This may be compared to a previous 5-day low of 111.57. The currency is seen finding support around the 108.00 level.

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