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USD Oscillates around 1.3400 as Q3 GDP Beats Expectations

Posted on: October 28, 2016

USDCAD tested higher for most of the session yesterday, briefly running stops above 1.3400 before closing back under as US FI yields continue to increase. Overnight USDCAD was content to grind between 1.3375 and 1.3400. This morning we have broken back above 1.3400 as Q3 GDP came in a 2.9%, better than the 2.6% estimated. A slight miss on consumption seems to be what the market is focusing on, pushing the USD lower back to where we started the session. Next week we have the Fed meeting on Wednesday and Non-Farms on Friday. Have a good weekend!
  • Yesterdays NA Range 1.3353 – 1.3407
  • Asia Overnight Range 1.3374 – 1.3397
  • London Overnight Range 1.3376 – 1.3419

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