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Forex

USD/CAD Consolidates Below 1.4000s Ahead of Key US Data

Guavy AI Editorial Team
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The USD/CAD pair is experiencing consolidation below the mid-1.4000s during the Asian session on Thursday, but traders remain cautious due to a mixed fundamental backdrop.

The focus has shifted to US macro releases, including the Advance Q2 GDP report and the Personal Consumption Expenditures (PCE) Price Index, which will provide cues about the US Federal Reserve's policy path.

Escalating US-Iran tensions are supporting the safe-haven USD, while oil price dynamics may create short-term trading opportunities. The CME Group's FedWatch Tool indicates that traders have nearly priced in at least one interest rate hike by the end of this year, favoring USD bulls and the USD/CAD pair.

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