The Canadian dollar posted minor losses last week, as USD/CAD slightly below the 1.31 line. There are only five events this week, but all are major indicators. Here is an outlook on the major market-movers and an updated technical analysis for USD/CAD.
The Canadian dollar weakened late in the week following a disappointing GDP reading of -0.2%, its fourth decline in the past five readings. In the US, the Federal Reserve remained cautious but did acknowledge improvement in the US economy. Advance GDP rebounded with a gain of 2.6% in Q2, but this fell short of the estimate.
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