USDCAD – Past couple of weeks we’ve seen consolidation for - TopicsExpress

USDCAD – Past couple of weeks we’ve seen consolidation for this Pair. A number of indecision candlesticks on the weekly chart. However Price failed to make new lows. It kept the prior resistance level highs back in early 2014 (1.12358) below and yesterday’s OPEC announcement created yesterday’s BULLISH ENGULFING candle close and from that outcome we have seen Price raising throughout the Asian session. We have some important data out today for the Loonie in the shape of their CAD Quarterly Gross Domestic Product Annualized (3Q) and the CAD Gross Domestic Product (MoM) (SEP) figures. The first set of figures, GDP Quarterly figure has a forecast for contraction this time round. Previous figure was 3.6%, forecast has been set for a drop to around 2.1% this time round. This would pain a dovish outcome for CAD and its crosses if the forecast becomes a reality. Please be vigilant as volatility is expected before and after this news announcement

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