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The USD/CAD pair rose to an intraday high of 1.3597 before backsliding to 1.3541 after US Personal Consumption Expenditure Price Index (PCE) inflation figures printed exactly as markets were hoping. The pair is trading at 1.3583, up 0.06% at the time of writing.
Annualized Canadian Gross Domestic Product (GDP) printed above expectations, but the MoM figure failed to meet expectations.
Canada still has the S&P Global Manufacturing Purchasing Manager Index (PMI) due on Friday, alongside the US S&P and ISM Manufacturing PMIs. Michigan State University’s Consumer Sentiment Index survey results are also slated for Friday.
Several Fed officials will be making appearances on Friday as well, and rate watchers will be keen to look for signs that Thursday’s PMI print drew rate cut interest from Fed policymakers.
