August 7, 2012
Parity is holding like a boss yo! USD/CAD kept its head above the 1.0000 mark as the pair moved sideways for almost the entire day yesterday. Now that Canadian traders will be back from their bank holiday today, what's next for USD/CAD?
There were no economic reports released from Canada yesterday as the country was on a bank holiday. Today, Canada is set to release its building permits data at 12:30 pm GMT and its Ivey PMI reading at 2:00 pm GMT. Building permits are expected to be down by 3.5% in June, erasing part of the 7.4% jump seen last May. Meanwhile, the Ivey PMI is projected to jump back above the 50.0 mark and land at 52.0, signaling an expansion in Canada's manufacturing industry.
If you're planning to trade the Loonie today, make sure you keep a close eye on these red flags because they could determine whether USD/CAD could finally make a break below parity or not. Good luck!
"The only cable I watch is the pound baby."