USD/CAD maintains its position around a three-month high at 1.3940, marked on Wednesday.
US GDP annualized expanded by 2.8% in Q3, below 3.0% in Q2 and forecasts of 3.0%.
Traders will closely observe US PCE - Price Index and Canada’s Gross Domestic Product data on Thursday.
USD/CAD appreciates to near its three-month high of 1.3940, recorded in the previous session, trading around 1.3920 during Thursday's European session. This upside of the pair could be linked to the solid US Dollar (USD) as market caution lingers amid uncertainty surrounding the upcoming US presidential election.
Traders are now focusing on upcoming key US data releases including PCE inflation data on Thursday and Nonfarm Payrolls (NFP) on Friday. On Wednesday, the Greenback encountered headwinds as the US Gross Domestic Product (GDP) annualized expanded by 2.8% in Q3, below 3.0% in Q2 and forecasts of 3.0%.
However, the ADP Employment Change report showed that private businesses in the United States added 233,000 workers in October, marking the largest increase since July 2023. This followed an upward revision to 159,000 in September and significantly exceeded forecasts of 115,000.
The commodity-linked Canadian Dollar (CAD) might have received support from stronger Oil prices, as Canada remains the largest crude supplier to the United States (US). crude prices found support amid optimism surrounding US fuel demand after an unexpected decline in crude inventories. West Texas Intermediate (WTI) Oil price trades around $68.70 at the time of writing.
风险提示：以上内容仅代表作者或嘉宾的观点，不代表 FOLLOWME 的任何观点及立场，且不代表 FOLLOWME 同意其说法或描述，也不构成任何投资建议。对于访问者根据 FOLLOWME 社区提供的信息所做出的一切行为，除非另有明确的书面承诺文件，否则本社区不承担任何形式的责任。
FOLLOWME 交易社区网址: www.followme.ceo
