The post Canadian Dollar poised for further gains ahead of Canadian GDP figures appeared on BitcoinEthereumNews.com.

The Canadian Dollar halted a midweek pullback but still struggling to find gains. Canada is set to release its latest GDP figures on Friday. Canadian data prints are likely to be overshadowed by a fresh round of US PCE inflation. The Canadian Dollar (CAD) tested higher ground against the Greenback on Thursday, looking to put a stop to the midweek’s pullback. However progress remains limited as jittery markets keep one foot in the US Dollar as key US inflation data due on Friday could set the tone for the Federal Reserve’s (Fed) upcoming rate decision in September. Canada is slated to print its latest round of Gross Domestic Product (GDP) figures on Friday, but a double-header of high impact US Personal Consumption Expenditure Price Index (PCE) inflation due at the same time will likely swamp out CAD flows as investors lean into bets that cooling inflation will keep the Fed on pace to deliver a first rate cut on September 18. Daily digest market movers US GDP figures on Thursday showed the US economy grew slightly faster than expected, printing 3.0% in Q2 on an annualized basis. Markets broadly anticipated a steady print at 2.8%, in-line with the previous figure. Canadian Q2 GDP due on Friday is forecast to tick down to 1.6% from 1.7%, with the MoM figure in June easing to 0.1% from 0.2%. The big data print for the week is Friday’s US PCE inflation. Core US PCE for the year ended in July is expected to print at 2.7%, slightly higher than the previous period’s 2.6%. An upside swing in inflation data could crimp broad-market hopes for an extended rate cut from the Fed on September 18. Canadian Dollar price forecast With the Canadian Dollar (CAD) dumping out of an extended technical correction against the US…

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Filed under: News - @ August 29, 2024 10:25 pm