According to Jinshi, USD/CAD has found temporary resistance around 1.3700, and analysts say the pair is expected to bring more upside. Investors expect the Bank of Canada to announce a rate cut decision at its monetary policy meeting on Wednesday. Factors that prompted the market to speculate that the Bank of Canada will cut interest rates in June are the decline in the core CPI in the range of 1%-3% and weak labor market conditions. Canada's unemployment rate has jumped to 6.1%, well above the Bank of Canada's target of 5%. In addition, average weekly income growth slowed to 4.2% in March, which dispelled concerns about persistent inflation.
