USD/CAD and the Upcoming GDP Report. – profxtigers

USD/CAD and the Upcoming GDP Report.

  • TECHNICAL PERSPECTIVE
  • FUNDAMENTAL OVERVIEW

Dollar cad has been holding prices on the same level for a couple of weeks now, as many investors and speculators expected oil prices to capitalize and bring movement on WTI news but unfortunately price has been ranging for quite some time now. Price action traders labeling it the rising flag pattern. When price holds like this means that both currencies are strong and the demand of both currencies is almost the same.

Focus shifts to the GDP report today where we expecting a lower reading for the CAD. This means that we will be able to capitalize some short term buying opportunities before the downtrend resumes.

It, however, remains to be seen if bulls are able to capitalize on the move or the pair continues with its struggle to make it through the 1.3345 heavy supply zone as the market focus now shifts to Friday’s key release of the monthly Canadian GDP growth figures for the month of June. If the actual report appears to be the same then we should expect further holding of prices on the same level.

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