CAD ahead of Canada's GDP

marketsforu

The CAD saw a little relief yesterday, due to rising oil prices, which was caused by OPEC concerns of low oil prices. USD/CAD fell yesterday in the vicinity of 1,3100, however current oil prices indicate another fall of USD/CAD. 


On the other hand, the Canadian dollar remains under scrutiny ahead of important GDP data. Market consensus points that Canadian economy to have expanded at a monthly pace of 0,2% in June. In previous month it was decline of 0,2% m/m. 


Technically USCAD is traded below recent upward trend line and below 1,3200. Oil prices indicate fall below 1,3000.