USD/CAD KEY FUNDAMENTAL & TECHNICAL OBSERVATIONS AHEAD OF GDP
* Focus today for USD/CAD will be Canadian GDP data.
* Expected at 0.0% vs. previous -0.1%.
* Heading into this data we should note; retail sales have been falling for the past two months, home sales were at these weakest since 2015 at
last reading, slow wage growth for the country, inflation is at a 15-month low.
*With all the above noted I cannot see any upside surprises for this data. It may remain in contraction territory. My view is to see CAD WEAKNESS on this.
* Despite my forecast lets trade what we see. USD/CAD is edging lower this morning, thanks only the higher oil prices.
* Expected at 0.0% vs. previous -0.1%.
* Heading into this data we should note; retail sales have been falling for the past two months, home sales were at these weakest since 2015 at
last reading, slow wage growth for the country, inflation is at a 15-month low.
*With all the above noted I cannot see any upside surprises for this data. It may remain in contraction territory. My view is to see CAD WEAKNESS on this.
* Despite my forecast lets trade what we see. USD/CAD is edging lower this morning, thanks only the higher oil prices.
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160 pips
160 pips