Canadian dollar gains as investors eye US inflation pressures

Prices at the Pumps - April 25, 2024 #saltwire #pricesatthepumps #gaspricesTORONTO - The Canadian dollar strengthened against its U.S. counterpart on Thursday as domestic data showed wage growth picking up and ahead of U.S. inflation data that could offer clues on the prospect of Federal Reserve interest rate cuts.

The data raised concern that the U.S. economy is slowing while inflation is still strong, Darren Richardson, chief operating officer at Richardson International Currency Exchange Inc, said in a note. The U.S. PCE index, due for release on Friday, is among the Fed's most important gauges of price behavior.

The Bank of Canada is monitoring wage growth for evidence that recent cooling in Canadian inflation can be sustained.

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