Despite last week?s swelling retail sales, Canadian GDP was unable to meet analysts? expectations. The 0.3 percent print was not strong enough to shake the Canadian dollar from last week?s decline. Canada?s docket remains quiet until Friday, directing investor focus at the US economy.
[B]Previous 24 hours:[/B]
[B]Gross Domestic Product [/B]B (MAY)[/B]
Actual: 0.3%
Previous: 0.0%
[B]Next 24 hours: [/B]
There are no economic indicators scheduled for Canada over the next 24hrs. [B] [/B]
[B]Technicals: USDCAD Climb Stalls[/B]
Resistance: 1.0700
Support: 1.0550
Yesterday, the USDCAD bounced off of the 1.0700 resistance level, stalling the pair?s ascent. Today, the pair is moving back up to test the 1.0700 level. Should this resistance level hold, we may see the beginning of a newfound range.