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USD/CAD Remains Cautious Ahead of Key Economic Data

The USD/CAD pair traded with caution below the 1.3500 level on Friday, ahead of the release of the Canadian Gross Domestic Product (GDP) data for July and the US Personal Consumption Expenditure (PCE) price index for August.

Canadian Economic Outlook:

The Canadian economy is expected to have experienced minimal growth in July, following flat growth in June. The Bank of Canada (BoC) is anticipated to continue easing its monetary policy due to declining inflation and a weakening labor market.

US Inflation and Fed Rate Expectations:

The PCE inflation data is expected to show a slight increase compared to the previous month. This could influence the Federal Reserve’s (Fed) decision on interest rates for the remaining months of the year. The market is currently pricing in a 75 basis point reduction in rates.

Technical Analysis: USD/CAD Bearish

The USD/CAD pair is currently trading in a bearish trend. A break below the immediate support of 1.3400 could lead to further declines, with potential targets at 1.3360 and 1.3340.

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