USD/CAD pares its recent gains registered in the previous session, trading around 1.3670 during the European hours on Thursday.
USD/CAD loses ground due to improving risk appetite. The US Dollar depreciates following the subdued US Treasury yields. The lower Canadian Retail Sales figures havefueled speculation that the BoC might opt to reduce interest rates in June. The improving risk appetite weakensthe US Dollar , undermining the USD/CAD pair. The US Dollar Index , which measures the US Dollar against six major currencies, edging lower to near 105.60, down by 0.23%, by the press time on Thursday.
On Thursday, the preliminary Gross Domestic Product Annualized data for the United States is scheduled to be released, with expectations of a slowdown in the growth rate. These GDP figures will provide insights into the strength of the US economy and could potentially influence future actions by the Federal Reserve . The Canadian Dollar struggled after lower-than-expected Retail Sales data was released on Wednesday.
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