USD/CAD: Flirts With Breakout Ahead Of U.S. GDP
Matt Simpson | May 30, 2019 10:58
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.
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