Free Trial

CAD Moves From Strength-to-Strength Ahead of GDP

FOREX
  • CAD strength has persisted, with USD/CAD edging lower for the sixth session in eight, helping pressure the pair to its lowest level today since 2018. 1.2251 undercuts as decent support headed into today's Canadian GDP number.
  • The USD Index has stabilised after hitting a new multi-month low yesterday, with 90.424 now seen as key support, while the 100-dma at 91.0394 the near-term target.
  • Scandi FX is moderating, with NOK & SEK underperforming all others so far Friday. NOK is pulling off recent highs having traded solidly alongside commodities, while SEK has fallen out of favour after the Swedish health ministry pushed back their vaccination target for the country to September 5th from August 15th.
  • A raft of US and Canadian data follows Friday, with personal income/spending and PCE numbers as well as the MNI Chicago Business Barometer from the US. Canadian GDP also crosses, with markets expecting a slight moderation in the pace of expansion across February. The speakers slate is very quiet, with just Fed's Kaplan on the docket.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.