Canadian Dollar is regaining lost ground after upbeat Canadian GDP data.
US Dollar looks weak despite good US Jobless claims, upward revision of Q4 GDP.
The focus is now on Friday’s PCE Prices Index and Fed Powell’s speech.
The Canadian Dollar (CAD) is trading higher for the fourth consecutive day on Thursday, yet with price action contained within previous ranges. Canada’s Gross Domestic Product bounced up strongly in January with preliminary estimations for February pointing to further economic expansion. These figures have restored confidence in Canada’s economic outlook, cooling off market expectations of imminent BoC rate cuts.
In The US, the larger-than-expected decline in US Weekly Jobless Claims and the upwardly revised Q4 Gross Domestic Product have been unable to provide a meaningful impact to the US Dollar. The Greenback is paring previous gains after having opened Thursday on a strong note, following hawkish remarks from Fed Governor Waller.
The US Dollar Index, which measures the value of the USD against a basket of the most traded currencies, is practically unchanged on the daily chart at the US session opening time. Investors are showing caution with all eyes on Friday’s US PCE Prices Index and a speech by Federal Reserve (Fed) Chair Jerome Powell at a monetary policy conference in San Francisco. Traders are looking for further clues about the central bank’s monetary policy plans.
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