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CAD opens stronger ahead of a busy week of economic data

Posted on: October 31, 2016

USDCAD tested higher for most of the session on Friday, breaking through resistance at 1.3400 a couple of times setting the stage for a move to 1.35. Over the weekend, Canada and the EU signed the CETA which should hopefully lead to increased trade between the two nations.

Overnight USDCAD has strengthened back below 1.3400, any move back to 1.3350 would provide a good opportunity to buy the dip. This week has a ton of data points that the market will be watching closely. The Bank of Japan announces tomorrow along with Canadian GDP numbers, with the US Fed on Wednesday and the Bank of England on Thursday. Finally, we finish the week with employment numbers in the US and Canada.

  • Fridays NA Range 1.3353 – 1.3433
  • Asia Overnight Range 1.3396 – 1.3428
  • London Overnight Range 1.3375 – 1.3419

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