JUL 30, 2021
- U.S. advance GDP for Q2 (Actual 6.5% vs. Forecast: 8.5%)
- Potential downside in USD/CAD
Chart 1: USD/CAD D1 chart
The U.S. Bureau of Economic Analysis reported economic growth during the second quarter to be 6.5%, slightly higher than the first quarter of 6.4%. However, the GDP data was way below the market’s expectation of 8.5%. As a result, USD weakened briefly against the other major currencies.
Together with the recent weakening of USD after the FOMC meeting, USD/CAD may be weakened further. At the moment our technical indicators are also indicating signs of downward momentum. Look for selling opportunities of USD/CAD after it breaks below the 1.24 handle.
Trade Setup for USD/CAD (D1)
Sell Stop at 1.2370
Upcoming major news that may impact price movement of USD/CAD
30 July – Canadian GDP m/m data release at 2030 (GMT+8)
30 July – U.S. Core PCE Price Index m/m data release at 2030 (GMT+8)
31 July – FOMC committee member Brainard speaking at 0830 (GMT+8)
02 August – U.S. ISM Manufacturing PMI data release at 2200 (GMT+8)
04 August – U.S. ISM Services PMI data release at 2200 (GMT+8)
06 August – Canadian jobs report release at 2030 (GMT+8)
06 August – U.S. jobs report release at 2030 (GMT+8)
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