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.
