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Market News As USD/CAD Falls Further Below 1.3670, Investors Await US PCE Data

As USD/CAD Falls Further Below 1.3670, Investors Await US PCE Data

On Friday, USD/CAD remains on the defensive near 1.3655 due to the weakened USD. The annualized GDP of the United States increased by 1.6% in the first quarter of 2024, compared to 3.4% in the fourth quarter of 2023. As a result of the weakened Canadian Retail Sales data, there was speculation that the BoC could begin interest rate reductions in June.

TOP1 Markets Analyst

2024-04-26

11024

The USD/CAD pair extends its downside during the early Asian session on Friday near 1.3655. The two-week lows of the US Dollar (USD) near the mid-105.00s are a source of selling pressure for the pair. As of later on Friday, investors are now preoccupied with the publication of US Personal Consumption Expenditures (PCE) Price Index data.

According to data released by the Commerce Department on Thursday, the first quarter (Q1) of 2024 witnessed the weakest rate of growth in the United States in nearly two years, while price increases accelerated. The initial estimate of annualized growth for the US Gross Domestic Product (GDP) for the January-March period was 1.6%, compared to 3.4% in the fourth quarter of 2023. The obtained reading fell short of the 2.5% market consensus. Furthermore, personal consumption expenditures in the United States increased at an annualized rate of 3.4% in the first quarter of 2023, which is nearly double the rate of 1.8% observed in the fourth quarter of 2023.

Inflation that is higher than anticipated and GDP growth that is weaker than anticipated weigh on the Greenback and create a headwind for USD/CAD. The markets anticipate that the US Federal Reserve (Fed) will initiate the initial rate cuts in September. In light of the GDP data, traders now anticipate a solitary rate cut in 2024, as indicated by the CME FedWatch tool.

Concerning the Loonie, Wednesday's weakened Canadian Retail Sales data sparked rumors that the Bank of Canada (BoC) could begin reducing interest rates at its June meeting, thereby exerting downward pressure on the Canadian Dollar (CAD). However, the CAD is somewhat bolstered by the recovery in crude oil prices, given that Canada is the leading exporter of crude oil to the United States (US).