Forex: USD/CAD – Orbiting 1.05

on Jul 2, 2013
Listen Tuesday July 2th: The Canadian dollar has been barely affected by yesterday’s releases showing better than expected improvement in US manufacturing.

Both Markit Economics and the Institute for Supply Management reported June manufacturing index readings above expectations and also above the previous month’s numbers.
The pair traded below the 1.05 level late in American trading yesterday and again in today’s Asian session.
Ahead of the bell in London though, the quote rose to 1.0525, an intraday high so far.

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The CAD softened after Friday’s GDP update, showing that economic growth slowed in April. Statistics Canada reported that gross domestic product expanded by 0.1 percent, failing to match the 0.2 percent growth in March though better than the expected flat reading.

With no Canadian updates due until tomorrow, the next impact for the pair will likely come from US data due out later today.
The Redbook Index for the week ended June 23 will be reported at 14:00 BST, followed by the ISM Index for the New York area.
Factory orders, economic optimism and total vehicle sales for June are also scheduled for release in today’s American session.
And Federal Reserve governor Jerome Powell is expected to comment around 10:45 BST on the Fed’s current monetary policy stance.
Tomorrow, Statistics Canada will release May’s trade balance data.


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