Interesting day for the CAD as December GDP figures are due. Prior surveys expect the Canadian economic activity to post a monthly contraction of 0.2%, and to expand 0.6% on a yearly basis. The Canadian dollar would be under pressure as well via the US economy, as relevant data are due today – manufacturing ISM/PMI, PCE, Michigan index.
At the moment, the cross is advancing 0.20% at 1.0327 with the next hurdle at 1.0342 (high Jun.29) followed by 1.0363 (high Jun.28) and finally 1.0382 (high Jun.6).
On the other hand, a drop beyond 1.0294 (low Mar.1) would aim for 1.0217 (low Feb.28) and then 1.0206 (low Feb.25).
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