USD/CAD consolidates its gains above 1.3650, focus on US PPI data

USD/CAD hovers around 1.3650 in Thursday’s Asian session. The BoC held rates at 5% for the sixth consecutive meeting on Wednesday. US inflation in March was hotter than expected, andthe Fedmightdelay rate cuts this year. The uptick of the pair is backed by US inflation that came in stronger than expected in March, which boosted the Greenback to a yearly high of 105.30. Investors will take more cues from the US ProducerPrice Index, due later on Thursday.

The Labor Department’s Bureau of Labor Statistics reported on Wednesday that the US Consumer Price Index gained 0.4% MoM in March, while the yearly CPI figure showed an increase of 3.5% YoY. Furthermore, the Core CPI, excluding volatile food and energy components, rose 0.4% MoM while climbing 3.8% from a year ago. Following the CPI data, the markets’ chance of a June rate cut dropped to 21%, down from 53% on Tuesday, according to theCME FedWatch tool.

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