FX.co ★ Canadian Dollar Hits 6-Month Low

The Canadian dollar weakened beyond 1.400 against the US dollar, marking its lowest level since early April. This shift can be attributed to a stronger US dollar and decreasing oil prices. Concurrently, traders are analyzing the latest Federal Reserve minutes, which hint at potential rate cuts later this year amidst ongoing uncertainty about a US government shutdown. In Canada, attention is focused on the official September employment report set for release on Friday. This report is anticipated to indicate further deterioration in the labor market, with the unemployment rate projected to increase to 7.2% from 7.1%. Such data could offer new perspectives on the Bank of Canada's interest rate strategy. On the trade front, President Donald Trump, during Mark Carney's visit to the White House, expressed optimism that the US and Canada will eventually finalize a trade agreement, although he shared few specifics regarding its timeline or conditions.