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USD/CAD Moves to 9 Month Low; Canadian GDP Meets Expectations

Published June 30, 2017
  • USD/CAD moved to 9 month lows this morning after breaching the psychologically important 1.3000 support level yesterday; the US dollar is on course for its worst quarterly performance in 7 years
  • The greenback remains weak after St Louis Fed President James Bullard opined that the Fed was offering an overly hawkish tone; tones on hawkish monetary policy from the European Central Bank, the Bank of Canada, and the Bank of England are also weighing on the US dollar
  • Canadian month-on-month GDP growth came at 0.2% as expected while growth in Canadian raw material and manufacturing pricing indexes came in lower than expected
  • The US dollar showed modest gains after data on month-on-month US spending came in as expected at 0.1%; month-on-month growth for US personal income improved on expectations with a reading of 0.4%
  • Oil prices continue to rise this morning ahead of the long weekend; market participants look to the weekly Baker Hughes rig count for confirmation of additional US oil production