USD/CAD rebounds from 1.3600 as US White House reaches bipartisan with Republicans

the White House has reached a bipartisan with Republican leaders. US President Joe Biden has announced that a deal with Republicans’ approval is ready to move to Congress in which Democrats made no compromise on the US debt-ceiling but have compromised their spending initiatives for the budget.

S&P500 futures have added significant gains in early Asia. US equities have carry-forwarded optimism recorded on Friday. Shrugged-off fears of a default by the United States economy toward its obligated payments have infused some blood into US . However, the real reaction by the market participants would be shown on Tuesday as US markets will be closed on Monday on account of Memorial Day.Index has rebounded to near 104.28 as the US borrowing limit has increased. Plenty of catalysts are supporting more gains in the USD Index.

On the Canadian Dollar front, investors will keep an eye on Canada’s Gross Domestic Product data. As per the preliminary report, monthly GDP is seen contracting by 0.1% vs. an expansion of 0.1% recorded in February. Q1 and annualized GDP are seen significantly expanding by 0.4% and 2.1% respectively vs. a stagnant performance. Resilience in Canadian economy could force Bank of Canada Governor Tiff Macklem to start hiking interest rates again.

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