USD/CAD declines towards 1.3500 on upbeat oil price, US PCE Price Index hogs limelight – by Sagar_Dua24 USDCAD Fed GDP Oil Inflation
and rising oil prices. The Loonie asset has turned sideways after a four-day losing streak and is looking vulnerable above 1.3510. The USD Index witnessed an intense sell-off on Thursday after surrendering the critical support of 102.40.
Going forward, the United States' core Personal Consumption Expenditure Price Index data will remain in the spotlight. Analysts at CIBC expect “The Fed’s preferred gauge of inflation, core PCE prices, likely decelerated to a 0.4% monthly pace, slightly slower than its CPI counterpart given the lower weight of shelter in the index, but still too hot to reach on-target inflation, and justifying the Fed’s decision to raise rates further in March.
The Canadian Dollar will dance to the tunes of monthly Canada’s Gross Domestic Product data. As per the consensus, theOn the oil front, oil prices rose sharply above $74.00 in hopes that fewer rate hikes from western central banks collaboratively will strengthen the overall oil demand ahead. It is worth noting that Canada is the leading exporter of oil to the United States and higher oil prices will support the Canadian Dollar.
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