[Video] USD/CAD Flirts With A Breakout Ahead of US GDP

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The BOC meeting wasn’t quite enough to see USD/CAD hold above April's high but, with US GDP on tap, there's potential for some volatility at the highs depending on where the data lands.

Today’s GDP is a revised figure which doesn’t typically deviate too far from the original. Yet it may warrant more attention this time around, as the original GDP release was bolstered by a smaller trade deficit and an accumulation of unsold merchandise, so today’s data set could confirm or deny any concerns.

A weak figure could see it trade back within range yet, as the longer-term trend points higher we’d continue to seek bullish setup until a clear change of trend signal occurs. Otherwise, a break of yesterday’s high assumes bullish continuation.

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