The BOC meeting wasn’t quite enough to see USD/CAD hold above April’s high but, with US 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 which 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.
City Index: Spread Betting, CFD and Forex Trading on 12,000+ global markets including Indices, Shares, Forex and Bitcoin.Click here to find out more..
This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.
From the news and opinion pieces on pages like this to
share discussion forums,
charting tools,
financials,
live share prices and
Level 2,
order book data
If you trade or invest ADVFN has the tools you need to make the right decisions.
Hot Features
Premium
Register for streaming realtime charts, analysis tools, and prices.
