USD/CAD challenges the 20-day SMA following PCE data from the US

The USD/CAD pair is currently trading around the 1.3543 level on Friday, reflecting minor losses after hitting a high of 1.3560 earlier in the session.

US February’s PCE figures largely met expectations. Next week, the focus will be on Nonfarm payrolls for markets to continue placing their bets on the next Fed decisions. Hot data may justify a delay in policy rate cuts beyond June. While investors digest Personal Consumption Expenditures figures, the market will turn its attention toward forthcoming employment-related figures that may add further nuance to the Federal Reserve's posture on a probable policy rate delay.

Strong employment figures could prompt Fed policymakers to delay rate cuts beyond June and possibly reduce the number of cuts projected for 2024 from three to two, potentially bolstering the US Dollar. As for now, the strongest case scenario continues to be three rate cuts in 2024, starting in June. USD/CAD technical analysis On the daily chart, USD/CAD shows a somewhat stable trend.

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