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USD/CAD consolidating above 1.0500, data eyed

FXstreet.com (Edinburgh) -The CAD is trading almost unchanged against its neighbour on Friday, driving the USD/CAD around the 1,0530/35 area ahead of key Canadian data due later.

USD/CAD hinges on data

The Canadian GDP is due later, with market consensus expecting the economy to have expanded at an annual pace of 1.5% during the second quarter while contracting 0.5% inter-month during June. “The broader trend higher in USD/CAD remains well-entrenched from a trend point of view—even if progress seems to be faltering. Yesterday’s bull break from the early week consolidation (bull wedge) has held up but new, short-term cycle highs …read more