The Canadian economy grows slower than expected: only 0.1% in April, the first month of Q2. Canada was expected to report a growth rate of 0.2% in April after 0.1% in March. Year over year, the gain is 2.1%.
USDCAD traded around 1.0680 just before the release and is now rising towards 1.07.
Wholesale growth is at 1.3% and retail is at 0.8%. No revisions were made to the data released in March.
The Canadian dollar has recently been on roll, especially after the simultaneous release of strong inflation and retail sales numbers. It broke below 1.08 and continued all the way to the veteran 1.0660 line, which worked as resistance and as support many times in the past.
For more lines, events and analysis, see the Canadian dollar forecast.
Here is how it looks on the 30 minute chart:
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