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USD/CAD Signals Bullish Continuation after Weak CAN GDP Data
The Canadian economy contracted in August as the GDP data released today showed a -0.1% print, missing forecasts of a 0.0% reading, which was the reading in July. Before that, we had 6 straight months of increase. It seems like the Canadian economy is hitting a temporary ceiling. While the data is not far from the expected flat reading. It does take away any resilience the CAD has been showing lately. The USD/CAD for example has been consolidating, in a falling wedge pattern. The market was testing the wedge resistance heading into the GDP data, and it broke above the pattern after data was released. The 4H chart ... (full story)