USD/CAD trades on a softer note below 1.3700 ahead of US PMI data
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USD/CAD is trading below 1.3700 and in negative territory for the fifth consecutive day. Canadian Industrial Produce Prices dropped by 0.8% MoM in March. The downside of the pair might be capped by strong US economic data and the Fed's hawkish comments. Investors are waiting for the US S&P Global Purchasing Managers Index (PMI), US Gross Domestic Product (GDP), and US Core Personal Consumption Expenditures (PCE) data later this week. Canadian Retail Sales will be released on Thursday. The decline of WTI prices exerts some selling pressure on the Canadian dollar. The high-for-longer rate narrative in the USD might lift the greenback against its rivals. The Core US PCE might offer some hints about the progress against inflation.