The USD/CAD pair attracts fresh buying during the Asian session on Friday and for now, seems to have snapped a two-day losing streak. Spot prices stru
A softer Crude Oil prices undermines the Loonie and acts as a tailwind for the major.Traders look to the US Core PCE Price Index and Canadian GDP for a fresh impetus.pair attracts fresh buying during the Asian session on Friday and for now, seems to have snapped a two-day losing streak. Spot prices struggle to capitalize on the move beyond the 1.
Apart from this, the underlying strong bullish tone surrounding the US Dollar offers additional support to the USD/CAD pair. As investors look past Thursday's rather unimpressive US macro data, growing acceptance that the Federal Reserve helps limit the USD corrective decline from its highest level since November 2022 touched on Thursday. In fact, the US central bank warned last week that sticky inflation in the US was likely to attract at least one more rate hike by the end of this year.
Hence, the market focus will remain glued to the release of the US Core PCE Price Index – the Fed's preferred inflation gauge – later during the early North American session. The data will play a key role in influencing market expectations about the next policy move by the Fed, which, in turn, will drive the USD demand and provide a fresh impetus to the USD/CAD pair.
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