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Market News The USD/CAD Pair Slides Lower to 1.3470 as Investors Await Data on US Retail Sales

The USD/CAD Pair Slides Lower to 1.3470 as Investors Await Data on US Retail Sales

USD/CAD loses momentum near 1.3468 due to the USD's weakness. The optimistic CPI data from the United States could delay the Fed's rate-cutting efforts until the summer. Interest rate action by the BoC is not anticipated to be aggressive by the markets. Thursday's releases of Canadian manufacturing sales and US retail sales will attract the attention of investors.

TOP1 Markets Analyst

2024-03-14

11676

During the early Asian session on Thursday, the USD/CAD pair maintains its downward trend for the second day in a row. The pair is dragged lower as the US Dollar (USD) resumes its decline below the 103.00 mark. Investors await the US Retail Sales data, which is anticipated to increase 0.8% month-over-month in February, on Thursday for additional motivation. The USD/CAD is trading at 1.3468 at press time, a decrease of 0.02% on the day.

The higher-than-anticipated inflation data from the United States released earlier this week may force the Federal Reserve (Fed) to postpone beginning interest rate reductions until at least the summer. In contrast, the Core CPI decreased marginally to 3.8% YoY from the previous reading of 3.9%, while the Headline CPI increased 3.2% YoY from January's reading of 3.1%. Market participants will be more attentive to February US Retail Sales data, as it could potentially impact the Fed's March meeting agenda for the following week. The stronger report could persuade the Federal Reserve to prioritize additional data, thereby preventing policymakers from rushing to reduce interest rates. This could strengthen the US Dollar (USD) and generate a tailwind for the USD/CAD pair.

Conversely, in alignment with market expectations, the Bank of Canada (BoC) maintained the interest rate unchanged earlier this month. Inflation reduction near the target, according to BoC governor Tiff Macklem, is the central bank's top priority. The markets expect the BoC to refrain from making significant rate cuts or aggressive moves until the conclusion of the Fed meeting. This could potentially benefit the Canadian Dollar (CAD) in the future months.

In the interim, the commodity-linked Loonie could benefit from the increase in crude oil prices, given that Canada is the leading exporter of oil to the United States (US).

Thursday is the deadline for the Canadian Manufacturing Sales report. Regarding the United States, traders will closely monitor the February US Retail Sales data, in addition to the Producer Price Index (PPI), Business Inventories, and the customary weekly Initial Jobless Claims.