Usdcad aside trendline bulls and bears read the caption

Logan, saying that it’s much too soon to think about cutting interest rates in the wake of the upside risk to inflation. This, in turn, forced investors to further scale back their expectations for the total number of rate cuts in 2024 to two as against three projected by the Fed, pushing the US Treasury bond yields higher across the board. The rate-sensitive two-year US government bond and the benchmark 10-year Treasury note surged to a four-month peak, which, in turn, lends support to the US Dollar (USD). Moreover, the disappointing Canadian jobs report, along with a fall in Crude Oil prices, is seen undermining the commodity-linked Loonie and acting as a tailwind for the USD/CAD pair.