The USD/CAD pair loses some ground below the 1.3600 mark after retracing from 1.3640, the highest level since May. The major pair currently trades nea
Fed Chairman Jerome Powell remarked that the central bank is prepared to hike interest rates further if required.Investors await the US GDP, core PCE, and Nonfarm Payrolls due later this week.pair loses some ground below the 1.3600 mark after retracing from 1.3640, the highest level since May. The major pair currently trades near 1.3596, losing 0.03% for the day.
The economic data on Friday showed that the University of Michigan's Consumer Confidence Index for August declined to 69.5 from 71.6 in July and was revised from the first reading of 71.2. Furthermore, the Current Conditions Index dropped from 76.6 to 75.7 , while the Expectations Index fell from 68.3 to 65.5 .
On the Loonie front, monthly Canadian Retail Sales for June expanded by 0.1% from the previous month. The figure came in better than the expectation of 0%. On a monthly basis, Retail Sales declined 0.8%, worse than the market consensus of an increase of 0.3%, Statistics Canada showed last week. The better-than-expected Canadian data prompted the possibility of more tightening policy from the Bank of Canada .
In the absence of top-tier economic data released from Canada, the USD/CAD pair continues to be at the mercy of USD price dynamics. The US preliminaryAnnualized for the second quarter will be released on Wednesday. The growth number is expected to remain at 2.4%. The US Core Personal Consumption Expenditures Index and the weekly Jobless Claims will be due on Thursday. The key event will be the
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