GDP better by 0.1% but prior revised lower by same amount.
The Canada GDP for the month of July came in at 0.1% better than expected at +0.3%. The year on year was also better at 0.8 vs. 0.7%. However, prior month was revised lower by 0.1% for each.
The USDCAD fell on the news but has quickly rebounded to back to whence it all began.
Technically, the price tested the 100 hour moving average (blue line in the chart above at 1.3368) and lower trendline (the actual fell below the lower trendline at 1.3384). The low price on my system came in at 1.33732.
Looking at the daily chart, the pair moved above the topside trendline in last week's trading and has not moved below that level since that time. Price over the last 3 trading days has also been able to close above the August high price at 1.33515.
The ADP data out of the US today is pointing to another solid US employment report on Friday. There is talk of a revision higher in the August report as well (quirky number). Month end and quarter end make trading conditions more hazardous as well. Tread lightly as a result.
