The Canadian dollar rebounded sharply last week, as USD/CAD dropped about 150 points. The pair closed just above the 1.38 level.There are no Canadian economic releases this week. Here is an outlook on the major market-movers and an updated technical analysis for USD/CAD.
In the US, Final GDP for the third quarter was respectable, with a gain of 2.0%, very close to the estimate. Housing numbers disappointed, and durable goods were weak, but within expectations. Canadian GDP posted a flat reading of 0.0%, which was a strong improvement over the previous reading of -0.5%.
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