CAD’s performance mixed as traders await GDP data

The Canadian dollar experienced mixed performance on Thursday due to mixed US data. Canada is absent from the economic calendar until Friday’s GDP update for April, leaving CAD traders to shuffle. However, Friday’s US PCE Price Index inflation is set to eclipse Canadian GDP figures entirely, as a key reading of inflation for the Federal Reserve.

Market attention will be focused on US price growth figures to cap off the trading week. US Durable Goods Orders contracted in May, falling further than expected from the previous 0.4%.

US Q1 GDP came in exactly as expected, with first-quarter GDP slightly revised to 1.4%. US Initial Jobless Claims beat expectations with 233K net new jobless benefits seekers for the week ended June 21.

US Core Personal Consumption Expenditures ticked upwards to 3.7% in the first quarter, a preview of Friday’s PCE Price Index.