USD/CAD rebounded strongly last week, gaining close to 200 points. The pair closed the week just shy of the 1.22 line. This week’s major events are the overnight rate and GDP. Here is an outlook on the major market-movers and an updated technical analysis for USD/CAD.
The US continues to release lukewarm numbers, but the FOMC minutes were optimistic in tone, as policymakers remain confident that Q2 will outperform a disappointing Q2. This positive sentiment gave the US dollar a big boost against its Canadian counterpart. In Canada, key data met expectations.
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