Canadian Dollar Stagnant Ahead of Fed Chair Warsh's Speech

The Canadian dollar was stagnant overnight, mirroring other G-10 major currencies as markets waited for potentially market-moving comments from Fed Chair Kevin Warsh.

Warsh's speech is expected to bring some clarity on interest rates, with two Fed officials, Hammack and Collins, arguing that interest rates need to remain restrictive. In contrast, Treasury officials emphasize that bond yields should fall as inflation subsides.

The Canadian economy is forecast to have seen a modest gain in June, with GDP predicted to rise 0.2% month-over-month, slightly slower than May's 0.3% increase.