USD/CAD rebounds as investors adopt caution ahead of US PCE on Friday. The decline in the US Treasury yields could limit the advance of the US Dollar. Canada’s GDP Annualized is expected to expand by 2.2% in the first quarter. US Dollar rebounds ahead of the Federal Reserve's preferred inflation gauge, the Core Personal Consumption Expenditures Price Index, which will be released on Friday. US Gross Domestic Product Annualized growth rate was revised lower to 1.3% from 1.
In Canada, expectations for June rate cuts by the Bank of Canada have waned due to recent data indicating ongoing price pressures. In April, producer prices surged by 1.5% from the previous month, following a 0.9% increase in March, nearly doubling the anticipated 0.8% change. Interest rate futures now show that only 34% of the market is expecting a 25-basis point rate cut at the BoC’s June meeting, down from 46% a week ago.
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