The USD/CAD pair extends its recovery around 1.3705 during the early Asian trading hours on Thursday.
USD/CAD holds positive ground near 1.3705 on Thursday. US Durable Goods Orders rose by 2.6% MoM in March from the previous reading of a 0.7% increase. Canada’s February Retail Sales data supports the outlook for the BoC rate cut as soon as June. The weaker-than-expected Canada’s Retail Sales weigh on the Canadian Dollar . Later on Thursday, investors will closely monitor the US preliminary Gross Domestic Product Annualized,whichisprojectedto grow 2.5% in Q1.
2% MoM, below the market consensus of 0.3% On the Loonie front, the recent Canadian Retail Sales data has triggered speculation that the Bank of Canada might cut interest rates at its next meeting in June. Retail Sales in Canada decreased 0.1% MoM in February, worse than the estimation of a 0.1% increase. Excluding autos, Retail Sales fell 0.3% MoM in the same period, compared to the forecast of 0.0%.
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