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USDCAD falls after surprising jump in Canadian GDP

ChuChu Rocket, Sat Mar 30, 2019 12:03 am

USD/CAD falls after surprising jump in Canadian GDP

Hourly Chart
4-Hour Chart
USD/CAD falls to the lows of the week

It's shaping up to be a pretty good week for the Canadian dollar. Oil has been choppy but it's up 2% today and is at the highest since November at $60.53.

The big driver was the Canadian GDP report as a jump in non-durable manufacturing contributed to a big beat at +0.3% versus 0.0% expected. USD/CAD immediately fell to 1.3353 from 1.3417. It's since continued down to 1.3348 on independent USD weakness after the PCE report.

Technically, it's not hugely significant but underpins a minor double top just above 1.3450. Now the minor uptrend since the start of the month is in focus.

Sources: https://forex-station.com (Charts) & https://www.forexlive.com/technical-ana ... p-20190329 (Article)
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