USD/CAD trades on a weaker note above the 1.3500 mark, eyes on Canadian Retail Sales data

USD/CAD trades in negative territory around 1.3523 amid the softer USD.
The US S&P Global Manufacturing PMI increased to 52.5 in March vs. 52.2 prior, stronger than expected.
The Bank of Canada expects to begin cutting interest rates this year, although policymakers vary on the precise timing.

Lallalit Srijandorn FXStreet

The USD/CAD pair trades on a weaker note above the 1.3500 mark during the early Asian trading hours on Friday. The decline of the US Dollar (USD) below the 104.00 mark weighs on the pair. At the press time, USD/CAD is trading at 1.3523, losing 0.05% on the day.

The Federal Reserve (Fed) held steady on interest rates at its March meeting on Wednesday and maintained its forecast for three interest rate cuts this year. During a press conference, Fed Chair Jerome Powell noted that a strong jobs market wouldn’t deter the central bank from cutting rates.

On Thursday, the US S&P Global Manufacturing PMI increased to 52.5 in March from 52.2 in February, above the estimation of 51.7. The Services PMI eased to 51.7 in March from the previous reading of 52.3, below the market, consensus of 52.0. Finally, the Composite PMI arrived at 52.2 in March versus 52.5 prior.

On the Loonie front, the Bank of Canada (BoC) Summary of Deliberations from its March meeting showed that the governing council agreed that if the economy continues to evolve “in line with the Bank’s projection, the conditions for rate cuts should materialize over the course of this year. However, the timing of rate cuts remains uncertain. The BoC Governor Tiff Macklem said the central bank did not want to move too quickly, only to have to reverse course later.

Moving on, the Canadian Retail Sales for January is due on Friday, which is estimated to decline by 0.4% MoM. The Fed Chair Jerome Powell and Michael Barr are set to speak on Friday.

USD/CAD

Overview
Today last price	1.3523
Today Daily Change	-0.0007
Today Daily Change %	-0.05
Today daily open	1.353

Trends
Daily SMA20	1.3527
Daily SMA50	1.3495
Daily SMA100	1.3505
Daily SMA200	1.3485

Levels
Previous Daily High	1.3542
Previous Daily Low	1.3456
Previous Weekly High	1.3552
Previous Weekly Low	1.3459
Previous Monthly High	1.3606
Previous Monthly Low	1.3366
Daily Fibonacci 38.2%	1.3509
Daily Fibonacci 61.8%	1.3489
Daily Pivot Point S1	1.3477
Daily Pivot Point S2	1.3424
Daily Pivot Point S3	1.3391
Daily Pivot Point R1	1.3562
Daily Pivot Point R2	1.3595
Daily Pivot Point R3	1.3648

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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