According to Jinshi, analyst Mark Mitchell said that the Federal Reserve will take slow and steady measures, and the most likely outcome is a 25 basis point interest rate cut in early November.

Mitchell pointed out that USD/CAD is facing a triple risk event. Now that the FOMC meeting minutes and CPI have been released, the focus will turn to tomorrow's Canadian employment report.

Canada's employment is expected to grow by 27,500, while the unemployment rate is expected to rise to 6.7%, the highest level since September 2021, indicating that there is currently a considerable amount of idle labor force in Canada.