The post Canadian Dollar recedes on Friday despite uptick in GDP appeared on BitcoinEthereumNews.com.

The Canadian Dollar fell across the board on Friday. Canada saw a higher-then-expected GDP print from July. US PCE inflation data dominated Friday’s headlines. The Canadian Dollar (CAD) fell back against all of its major currency peers on Friday, shedding nearly one-third of one percent against the Greenback. Markets shrugged off an upbeat print in Canadian Gross Domestic Product (GDP) growth figures, and cooling US Personal Consumption Expenditure Price Index (PCE) inflation is keeping market hopes for a follow-up rate cut on the high end. Canada saw GDP rise more than expected in July, but a lack of other meaningful data saw CAD flows brush off the long-dated growth figure in favour of watching the US PCE inflation print. Headline PCE inflation cooled even faster than expected in August, keeping risk appetite on-balance. Daily digest market movers Canadian MoM GDP bounced to 0.2% MoM in July, over and above the expected 0.1% and grinding up from the previous month’s 0.0%. Despite the upbeat Canadian GDP growth figure, CAD flows remained firmly lower on Friday. Headline US PCE inflation cooled faster than expected in August, easing to 2.2% YoY versus the forecast 2.3% and well back from the previous print of 2.5%. Despite the top being taken off the top of headline PCE inflation, core PCE inflation ticked higher to 2.7% YoY compared to the previous 2.6%. Rate market bets of another double rate cut for 50 bps have risen to 55% according to the CME’s FedWatch Tool. Canadian Dollar price forecast The Canadian Dollar (CAD0 is caught in the middle of lazy congestion against the Greenback, with the USD/CAD pair trading well within recent highs and lows. The pair is caught in sideways churn below the 200-day Exponential Moving Average (EMA). USD/CAD has recovered from near-term lows priced in just…

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Filed under: News - @ September 28, 2024 6:16 pm