USD/CAD posted gains every day last week, as the pair jumped close to 1.0% last week. This week’s key event is Canadian GDP. Here is an outlook for the highlights and an updated technical analysis for USD/CAD. With only one Canadian event last week, the focus was on U.S. indicators. Durable goods orders rebounded in June, with a strong gain of 2.0%. This marked the strongest gain since August. In the U.S., durable goods orders rebounded nicely in June. The headline reading gained 2.0%, crushing the estimate of 0.8%. Core durable goods orders jumped 1.2%, easily beating the estimate of 0.2%. The week wrapped up with Advance GDP for Q2, which dropped to 2.1%. Still, this beat the estimate of 1.8%. USD/CAD daily chart with support and resistance lines on it. Click to enlarge: GDP: Wednesday, 12:30. GDP is one of the most important indicators and should be treated as a market-mover. The Canadian reports are released each month. In April, GDP slowed to 0.3%, but managed to beat the estimate of 0.2%. We will now receive the May report. RMPI: Wednesday, 12:30. The Raw Materials Price Index declined by 2.3% in May, its first decline in six months. Will we see a rebound in the June release? Manufacturing PMI: Thursday, 13:30. Markit’s purchasing managers’ index for the manufacturing sector has been perched just below the 50-level for three straight months. This points to ongoing stagnation in the manufacturing sector. Trade Balance: Friday, 12:30. Canada posted a rare trade surplus in May, coming in at C$0.8 billion. This was better than the forecast of C$-1.7B. The trade balance for June is next. * All times are GMT USD/CAD Technical Analysis Technical lines from top to bottom: We start with resistance at 1.3565. 1.3445 has held in resistance since the first week of June. This is followed by 1.3385. 1.3350 has held in resistance since mid-June. Next is 1.3265. 1.3175 was breached late in the week for the first time since the last week in June. 1.3125 (mentioned last week) has switched to a support role after USD/CAD posted strong gains last week. 1.3048 has some breathing room in support. 1.2916 is next. 1.2831 has held in support since early October. 1.2729 is the final support level for now. I am bearish on USD/CAD The Federal Reserve may be on track to lower interest rates, but the U.S. economy is performing well and sentiment towards the greenback remains strong. With no signs of progress in the U.S-China trade war, risk currencies like the Canadian dollar remain vulnerable. Follow us on Sticher or iTunes Further reading: EUR/USD forecast – for everything related to the euro. GBP/USD forecast – Pound/dollar predictions USD/JPY forecast – analysis for dollar/yen AUD/USD forecast – projections for the Aussie dollar. Forex+ weekly forecast – Outlook for the major events of the week. Safe trading! Kenny Fisher Kenny Fisher Kenny Fisher - Senior Writer A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer. Kenny's Google Profile View All Post By Kenny Fisher Canadian Dollar ForecastMinorsWeekly Forex Forecasts share Read Next EUR/USD: Staying Tactically Bearish For 1.1050; A 50bp Fed Cut Would Be A Game Changer – MUFG Yohay Elam 4 years USD/CAD posted gains every day last week, as the pair jumped close to 1.0% last week. This week's key event is Canadian GDP. Here is an outlook for the highlights and an updated technical analysis for USD/CAD. With only one Canadian event last week, the focus was on U.S. indicators. Durable goods orders rebounded in June, with a strong gain of 2.0%. This marked the strongest gain since August. In the U.S., durable goods orders rebounded nicely in June. The headline reading gained 2.0%, crushing the estimate of 0.8%. Core durable goods orders jumped 1.2%, easily beating the estimate… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
