Forex: USD/CAD weakens in European trading
_iNVEZZ.com Thursday July 4th:_ During the Asian session today the greenback gained ground against the Canadian dollar and in early European trading the USD/CAD rose to 1.0521, an intraday high so far. Currently though, the pair is trading slightly lower than at any time in the past four days, hovering around 1.0509.
Canada’s trade deficit for May was reported yesterday and unexpectedly narrowed to C$303 million, well down on the C$951 million shortfall in April, with the 3.2 percent fall in merchandise imports more than offsetting the 1.6 percent decline in exports.
Yesterday the pair traded between 1.0562 high and 1.0496 low.
The loonie has been under pressure since Canada’s disappointing GDP update last Friday. The economy expanded by just 0.1 percent in April, failing to match the 0.2 percent growth in March and, although better than the expected flat reading, the lowest rate of expansion in four months.
Traders now await Canada’s Net Change in Employment, Unemployment Rate and Participation rate, all for June, which are due to be released tomorrow at 13:30 BST.
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