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The market was pricing in a 95% chance of a BOC cut ahead of the data and I’d say it’s a certainty after this with the case growing to continue cuts at the Sept meeting.
The Canadian consumer is rolling over. In a separate report, the Scotiabank Canadian Spending Tracker ended Q2/24 on a weak note, with June’s year-over-year growth at +2.6%, its weakest since early 2021 during the pandemic.
USD/CAD is up 17 pips to 1.3722, which is the highest since July 1.
This article was written by Adam Button at www.forexlive.com.
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