The USD/CAD continues to range below the psychological resistance of 1.3500, in Friday’s New York session, despite the release of the United States (US) Personal Consumption Expenditure inflation (PCE) report for August, suggesting that inflation is on track to return to bank’s target of 2%.
USD/CAD remains below 1.3500 after the release of the US PCE inflation and the Canadian GDP data. The US PCE inflation decelerated at a faster-than-expected pace to 2.2% in August. The Canadian economy expanded at a better-than-expected pace of 0.2% in July. The USD/CAD continues to range below the psychological resistance of 1.
Market participants will keenly focus on them to know the current status of job growth. Last week, the Fed delivered an outsized interest rate cut of 50 bps, pushing interest rates down to 4.75%-5.00% amid growing concerns over weakening labor demand. Next week, investors will also focus on the US ISM Manufacturing and Services Purchasing Managers’ Index data for September, which will provide the current status of the economic health.
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