Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

USD/CAD: Flirts With Breakout Ahead Of U.S. GDP

Published 2019-05-30, 10:58 a/m
Updated 2023-07-09, 06:31 a/m

The Bank of Canada meeting wasn’t quite enough to see USD/CAD hold above April's high but, with U.S. GDP on tap, there's potential for some volatility at the highs depending on where the data lands.

Today’s GDP is a revised figure that doesn’t typically deviate too far from the original. Yet, it may warrant closer attention this time around, as the original GDP release was bolstered by a smaller trade deficit and an accumulation of unsold merchandise, so today’s data set could confirm or deny any concerns.

A weak figure could see it trade back within range yet, as the longer-term trend points higher, we’d continue to seek bullish setup until a clear change of trend signal occurs. Otherwise, a break of yesterday’s high assumes bullish continuation.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.