The USD/CAD pair remains vulnerable near 1.3630 as the United States Bureau of Economic Analysis (BEA) has reported that the Personal Consumption Expenditure Price Index (PCE) report for April was broadly in line with market expectations.
USD/CAD is under pressure after US PCE Inflation and Canadian GDP report. Apart from soft monthly US core PCE inflation reading, other elements matched estimates. Canada’s Q1 GDP grew at a slower pace of 1.7% on an annualized basis. The USD/CAD pair remains vulnerable near 1.3630 as the United States Bureau of Economic Analysis has reported that the Personal Consumption Expenditure Price Index report for April was broadly in line with market expectations.
On Thursday, the US BEA reported that the economy expanded at a slower pace of 1.3% from preliminary estimates of 1.6%. Meanwhile, the Canadian Dollar performs relatively stronger against the US Dollar but has weakened against other major currencies due to weak GDP figures for different timeframes. Statistics Canada reported that the economy grew by 1.7% on an annualized basis, missed the estimates of 2.2% and Bank of Canada’s forecast of 2.8%.
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