According to Jin Shi's report, analyst Mark Mitchell stated that the Federal Reserve will take slow and steady actions, with the most likely outcome being a 25 basis point rate cut in early November.
Mitchell pointed out that the US dollar against the Canadian dollar faces three risk events; the current FOMC minutes and CPI have been released, and the focus will shift to tomorrow's Canadian employment report.
Canada's employment is expected to increase 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 in Canada.