US Personal Consumption Expenditures Prices (QoQ) rises to 1.6% in 4Q

The CAD will be most excited with North American data, as Canadian January GDP and US GDP Q4 (third reading) will be released, as well as US initial jobless claims. “A soft Canadian GDP figure is well expected at this point and TD’s call for an on-consensus print of 0.1% m/m for the report does not imply a strong bias for a CAD reaction”, wrote TD Securities analysts Shaun Osborne and Greg Moore, adding that any development that is not bad news may be considered a mild positive for the CAD and could contribute slightly to the recent USD/CAD trend lower.