Canadian GDP: the end of loonie’s consolidation?
Canada will announce its monthly GDP on July 31, at 15:30 MT time.
Market updates on July 26
Key events ahead:
US advance GDP – 15:30 MT time
- Yesterday the speech by the European Central bank president Mario Draghi was not as dovish as it expected. As a result, there was a mixed performance of the EUR. Today, EUR/USD keeps consolidating between 1.1127 and 1.1155 levels. The release of the US advance GDP may bring some moves to the pair. If the GDP growth report is strong, the pair will break the 1.1127 level. The next support will lie at 1.1117. After that, pay attention to the 1.1086 level. From the upside, the levels at 1.1155, 1.1166 and 1.1177 are important.
- GBP/USD weakened yesterday after the EU policymakers said to the new Prime Minister of Great Britain Boris Johnson that the current withdrawal Brexit agreement can’t be renegotiated. On H4, the pound slipped towards the support at 1.2427. If bears manage to break this level, the next support will lie at 1.2399. Alternatively, if the GBP is supported by positive news, the pair will retest the 1.2455 level and try to reach the next resistance at 1.2475 (above the 50-period SMA) in case of a breakout.
- USD/JPY got stronger on the rising treasury yields. After the big bullish candlestick which was formed yesterday on H4, the pair started to consolidate in the 108.56-108.71 range. Bulls need to be supported by the positive US GDP data to break the 108.71 level and target the next resistance at 108.98. On the other hand, a break below 108.56 level will provoke further slide towards the 108.33 support.
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