The Canadian dollar showed some strength during the week breaking below the 1.20 level for the first time since mid-January. However, the loonie failed to consolidate at these levels and posted very slight gains on the week. USD/CAD closed the week at 1.2136. This week’s major highlights are Building Permits and Employment Change. Here is an outlook on the major market-movers and an updated technical analysis for USD/CAD.
US numbers disappointed last week, as Consumer Confidence and Manufacturing PMI reports fell short of expectations. In Canada, GDP came in at a flat 0.0%, slightly better than expected.
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