July 30, 2012
1… 2… 3! Last Friday, USD/CAD fell for the third straight day in a row as oil prices continue to climb higher. Speculation that the Fed would ease soon also added downward pressure to USD/CAD. The pair, which had begun the day at 1.0096, closed the U.S. trading session at 51 pips lower at 1.0045.
No major data was released last Friday and no report is scheduled to come again today. We will see the country’s monthly GDP report tomorrow though. It’s expected to show a 0.2% growth, slightly lower than the 0.3% rise from the previous month. Higher-than-expected figures are usually seen as bullish for the Loonie.
Also watch out for data coming out of other major economies, especially those from the U.S. and the euro zone. The non-farm payrolls that will be published on Friday, for instance, will most likely have a strong impact on the Loonie’s price action.
"The only cable I watch is the pound baby."