The USD/CAD pair establishes itself above the round-level resistance of 1.3700 in Thursday’s Asian session.
USD/CAD marches toward 1.3740, strengthenby the strong US Dollar. The US Dollar strengthens amid caution ahead of the US core PCE Inflation data. Canadian monthly and Q1 GDP data will exhibit its economic health. The Loonie asset aims to recapture weekly high near 1.3740 as the US Dollar strengthens. Strong demand of the US Dollar is driven by a sharp decline in traders’ bets for the Fed eral Reserve reducing interest rates from the September meeting.
The underlying inflation data is scheduled to be published on Friday. Annual and monthly core PCE inflation readings are estimated to have grown steadily by 2.8% and 0.3% respectively. On the Canadian Dollar front, investors await the Gross Domestic Product data for different timeframes, which will be published on Friday. On a month-on-month basis, the Canadian economy is projected to have remained stagnant after expanding 0.2% in February.
Fed BOC Inflation Riskaversion
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