USD/CAD rallies to a fresh monthly high (1.2985) following the larger-than-expected rise in US Non-Farm Payrolls (NFP), and the update to the Consumer Price Index (CPI) may sway the exchange rate as the Federal Reserve struggles to reduce inflation. The upbeat NFP report along with the 30.6K contraction in Canada Employment may keep USD/CAD afloat over the coming days as the data prints feed into the monetary policy outlook, and the Bank of Canada (BoC) may come under pressure to adjust its approach after deciding to “front-load the path to higher interest rates.” Signs of a weakening labor market may push the BoC to ... (full story)