Canadian Dollar futures rebound as U.S. hiring cools.
Canadian Dollar futures rotated higher after three consecutive sessions of losses, buoyed by a widening Canadian trade surplus and weaker-than-expected U.S. economic data. Statistics Canada reported the June merchandise trade surplus expanded to 3.86 billion Canadian dollars, driven by a 16.5% surge in metals and mineral exports led by gold. In the U.S., ADP private payrolls grew by just 44,000, while ISM Services employment slipped into contraction territory. The combination of soft U.S. labor data and persistent inflation pressure weighed on the greenback, providing support for the loonie.
Canadian Dollar futures rotated higher after three consecutive sessions of losses, buoyed by a widening Canadian trade surplus and weaker-than-expected U.S. economic data.
Statistics Canada reported the June merchandise trade surplus expanded to 3.86 billion Canadian dollars, driven by a 16.5% surge in metals and mineral exports led by gold.
In the U.S., ADP private payrolls grew by just 44,000, while ISM Services employment slipped into contraction territory.
The combination of soft U.S. labor data and persistent inflation pressure weighed on the greenback, providing support for the loonie.