I am very bullish on this pair... Its piercing channel high. Going to test upper resistance and get squeezed between the two... Looking for the hold above resistance level which will then be support and 1.32 level. Oil is dropping which means this pair will continue to rise. Look for a pullback in a lower time frame and take ride...
Data to back up situation:
GDP: Friday, 12:30. GDP is one of the most important economic indicators, and an unexpected reading can have a strong impact on the movement of USD/CAD. In April, GDP posted a small gain of 0.1%, matching the forecast. The markets are braced for a downturn in the May report, with an estimate of -0.5%.
RMPI: Friday, 12:30. RMPI measures inflation in the manufacturing sector. The index jumped 6.7% in May, well above expectations. The estimate for the June report stands at 3.2%.
Data to back up situation:
GDP: Friday, 12:30. GDP is one of the most important economic indicators, and an unexpected reading can have a strong impact on the movement of USD/CAD. In April, GDP posted a small gain of 0.1%, matching the forecast. The markets are braced for a downturn in the May report, with an estimate of -0.5%.
RMPI: Friday, 12:30. RMPI measures inflation in the manufacturing sector. The index jumped 6.7% in May, well above expectations. The estimate for the June report stands at 3.2%.
