The US dollar maintained its bearish tone against the loonie on Friday. The mixed US macroeconomic figures appeared to have offset the weak Canadian Gross Domestic Product data, leaving it languishing at multi-month lows below 1.3300.Canadian Gross Domestic Product numbers remained flat in October, according to data released by Statistics Canada. The final data fell short of market expectations of 0.2% growth, and put into question the Bank of Canada´s hawkish forward guidance.The negative impact on the Canadian dollar, however, had been offset by the mixed US data, but especially by November´s PCE Prices Index, which contracted unexpectedly in November, increasing hopes of Fed cuts in early 2024.PCE Inflation eased 0.1% in the month and grew at a 2.6% pace in the year, below market expectations of 0% and 2.8%, respectively. The Core PCE nudged up 0.1% on the month and 3.2% year-over-year. Market experts had anticipated 0.2% and 3.3% increases, respectively.On the positive side, US Durable Goods Orders increased beyond expectations, which may ease concerns about the outlook of the manufacturing industry. This appeared to have slightly cushioned the US dollar´s decline.
USD/CAD Technical Levels
More By This Author:Silver Price Analysis: XAG/USD Rebounded Near Day’s High As US Core PCE DeceleratedGBP/USD Holding Above 1.2700 After US PCE Inflation Keeps Rate Cut Hopes Pinned To The Ceiling USD/JPY Rebounds Into New Friday High, Aimed For 143.00
