The Canadian dollar is showing little movement on Friday, but that could change with the release of Canadian GDP and the US PCE Price index later today.
USD/CAD is trading at 1.3660 in the European session, down 0.15% on the day. Canada ’s economy expected to have flatlined in March Canada ’s economy is expected to have remained unchanged in March, after a weak gain in February of just 0.2% m/m, which was less than expected. The year started out on a high note, as the economy climbed 0.6% m/m in January, but since then the economy has looked sluggish. On an annualized basis, first-quarter GDP is expected to have expanded by 2.
The Bank of Canada has held rates at 5% for six straight times, and restless consumers are looking for some rate relief as they continue to feel the squeeze of elevated rates and the high cost of inflation. The conditions appear to be right for a rate cut, as the economic slowdown has been accompanied by falling inflation. In April, CPI dropped to 2.7%, down from 2.9% a month earlier. With the headline and core rates below 3%, a rate cut is possible even with inflation above the BoC’s 2% target.
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