USD/CAD – Is the GDP Data Good or Bad? (Video)

The US and Canada both released GDP figures for the second quarter on Friday and despite both posting strong numbers, USDCAD once again headed south, testing the lows of the last 48 hours.

Senior Market Analyst Craig Erlam discusses why this happened and what it could mean for the pair going forward. He highlights some key levels to watch out for and also looks to the US dollar index for clues about where the pair could be headed.

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.