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 November 29
Key events ahead:
Canadian GDP growth rate – 15:30 MT time
- The Asian trading session did not see any significant movers today after the Thanksgiving holiday in the US. We will be awaiting updates on the US-China trade talks. USD/JPY has been consolidating below the 109.55 level on H4. In case of positive news, this level will be broken and the next resistance will be placed at 109.69. If the risk sentiment is off, the pair will fall as far as the 109.28 level will be reached. After the breakout, bears will pay attention to the 109.08 level. RSI oscillator is in the overbought zone. If it leaves this zone, we may open a short position.
- The Canadian dollar is awaiting the release of Canada’s GDP growth. According to the forecasts, it will advance by 0.1%. At the moment of writing, USD/CAD has been trading right above the 50-period SMA. The price formed the symmetric triangle pattern on the chart. The pair has already tested the 1.3288 resistance level. In case of a breakout, the next resistance will lie at 1.3298. If the indicator is higher than the forecast, the pair will break the lower border of the symmetrical triangle and test the 1.3269 level. If it is broken, the next support in bear’s target will lie at 1.3254.
- CAD/JPY has been trying to overcome the 82.45 resistance level on H4. Bulls need to break this level to continue the upward movement towards the 82.52 and 82.57 levels. Key support levels are placed at 82.28 and 82.14.
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