USD/CAD trades on a positive note near 1.3778 inWednesday’searly Asian session. The Fedis expectedto leave its benchmark rate unchanged on Wednesday. The Canadianeconomy expanded by 0.2% MoM in February, compared to the previous reading of 0.5%. The weaker-than-expectedCanada’sFebruaryGross Domestic Product data weighs on the Loonie. Meanwhile, the firmer US Dollar above 106.30 remains to support the pair forthe time being.
Furthermore, the Employment Cost Index in the US rose by 1.2% YoY in the first quarter of 2024, compared to a 0.9% rise in Q4 of 2023. This figure came in above the market consensus of 1.0%. On theCAD’sfront,Canada'seconomy weakened in the first quarter of this year, prompting expectations that the Bank of Canada's might cut interest rates in June.The CanadianGross Domestic Product grew at a slower pace of 0.2% MoM in February, compared to the previous reading of 0.
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Source: FXStreetNews - 🏆 14. / 72 Read more »