CANADIAN DOLLAR TRADES INTO TIGHT RANGE WITH NEXT BOC RATE CALL IN THE PIPE

• Canadian Dollar finds the middle as investor appetite churns.
• Bank of Canada rate call slated for the midweek.
• US NFP expectations to draw attention through the week.

The Canadian Dollar (CAD) is cycling familiar levels on Monday with markets awaiting another rate showing from the Bank of Canada (BoC) and this week’s key US Nonfarm Payrolls (NFP) report due on Friday. The BoC is expected to hold rates at 5% on Wednesday, and investors hopeful for a rate cut from the Federal Reserve (Fed) will be looking for softening economic figures from the US this week.

The data from Canada this week will be the BoC’s rate call, with Friday’s Canadian labor figures due to get eclipsed by the US NFP employment numbers. Canada’s Unemployment Rate is expected to tick higher this week, and current market forecasts call for a pullback in the US NFP print.