Even with the oil's gain in the past four days, the Canadian dollar is unable to break the 1.24 as the latest January data:
Manufacturing sales: -1.7% Wholesale trade: -3.1% Retail sales: -1.7% Trade balance: -2.45B
all point to a negative GDPm/m on March 31, which could come less than -0.3%.
The USDCAD has briefly touched the lower channel trend yesterday before paring some of the losses.
Today's focus will be on the US GDP reading and crude oil prices. A break above 1.0550 ahead of Canada's GDP next week would validate a long USDCAD position
Manufacturing sales: -1.7% Wholesale trade: -3.1% Retail sales: -1.7% Trade balance: -2.45B
all point to a negative GDPm/m on March 31, which could come less than -0.3%.
The USDCAD has briefly touched the lower channel trend yesterday before paring some of the losses.
Today's focus will be on the US GDP reading and crude oil prices. A break above 1.0550 ahead of Canada's GDP next week would validate a long USDCAD position