Bids at 0.9800 continued to hold in USD/CAD and now the pair has moved up to 0.9826. At the bottom of the hour, February GDP is expected to rise 0.2%.
This is one of the more laggy Canadian reports (the US has already released Q1 GDP) and will be released at the same time as US PCE, which will rightfully hog the market’s attention.
Any USD/CAD strength will be met by eager sellers with technical resistance at 0.9841 and 0.9870.
Update: the BOC’s Lane is on the wires but he is sticking very close to Carney’s recent script.
