USD/CAD Retreats After Mixed US GDP Data, Eyes Key Inflation Release

USD/CAD witnessed an early Wednesday rally above 1.3600 but quickly retreated back into its recent range following the release of mixed US Gross Domestic Product

USD/CAD witnessed an early Wednesday rally above 1.3600 but quickly retreated back into its recent range following the release of mixed US Gross Domestic Product (GDP) figures. Market focus now shifts to Thursday’s US Personal Consumption Expenditure Price Index (PCE), the Federal Reserve’s (Fed) preferred inflation gauge.

Canada’s Q4 Current Account data disappointed expectations, but the figure still marked an improvement from the previous decline. Thursday’s Canadian Q4 GDP release is likely to be overshadowed by the highly anticipated US PCE inflation update.

USD/CAD briefly surged above 1.3600 Wednesday, reaching a ten-week high at 1.3606. However, the 1.3580 level remains a significant resistance barrier. While daily candlesticks continue to show a pattern of higher highs, momentum has stalled near the 200-day Simple Moving Average (SMA) at 1.3478. Despite the short-term consolidation, USD/CAD has maintained an overall bullish trend, closing higher for seven out of the past eight weeks.

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