USD/CAD turns subdued after mid-tier US data release

USD/CAD edges lower as the US Dollar tumbles after a slew of mid-tier US economic data.

Investors will pay close attention to the US PCE inflation data for October.

The Canadian Dollar remains weak as US Trump threatens to impose 25% tariffs on Canada.

The USD/CAD pair ticks down as the US Dollar (USD) extends its downside but remains broadly sideways around 1.4050 after the release of a slew of mid-tier United States (US) economic data.

The first estimate of Q3 Gross Domestic Product (GDP) growth remained at 2.8%, in line with expectations of the preliminary estimate. Initial Jobless Claims for the week ending November 22 surprisingly came in lower than the former release. The number of individuals claiming jobless benefits for the first time was 213K, lower than the prior reading of 215K, upwardly revised from 213K. 

Meanwhile, growth in Durable Goods Orders in October remained weaker than projected. Fresh orders for durable goods rose by 0.2%, slower than estimates of 0.5%. In September, the Durable Goods Orders contracted by 0.4%, upwardly revised from 0.4% decline.