USD/CAD continues to gain ground for the fourth consecutive day, trading around 1.3710 during the European session on Friday.
USD/CAD extends its winning streak due to higher yields on US Treasury bonds. US Core PCE inflation, the Fed's preferred inflation gauge, is forecasted to decrease to 2.6% YoY from the previous 2.8% reading. Canada ’s GDP is expected to grow by 0.3% in April, against the neutral growth observed in March. Investors await Friday’s Core PCE Price Index inflation, which is projected to decrease year-over-year to 2.6% from the previous 2.8%.
Bowman said, adding “We are still not yet at the point where it is appropriate to lower the policy rate, and I continue to see some upside risks to inflation,” per Reuters. Read the full article: Inflation should ease with current Fed policy On the Canadian Dollar’s side, Statistics Canada is scheduled to release the country's GDP later in the North American session. Canada’s economy is expected to grow by 0.3% in April, compared to the neutral growth observed in March.
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