The USD/CAD pair extends its downside to 1.3650 in Friday’s European session.
USD/CAD falls further to 1.3650 as the US Dollar falls back ahead of the US core PCE Price Index. Downwardly revised US Q1 GDP growth has kept hopes of the Fed cutting interest rates at least once this year alive. The Canadian economy is forecasted to have remained stagnant in March.
3% due to lower consumer spendings from the preliminary estimates of 1.6%. Meanwhile, the market sentiment is broadly risk-averse as China’s weak Manufacturing and Non-Manufacturing PMI data has raised concerns over global economic prospects. S&P 500 futures have posted some losses in the European session. In the neighbour nation, the Canadian Dollar will dance to the tunes of the monthly and Q1 GDP data, which will be published at 12:30 GMT.
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