The Canadian dollar made significant gains and is only 28 pips away from parity, as the US dollar was on the retreat. Gross Domestic Product is the highlight of this week. Here is an outlook on the major market-movers and an updated technical analysis for USD/CAD.
Last week: Canadian retail sales rose less-than-expected in May gaining 0.3% amid larger sales volume and food purchases. However May’s release came after 0.6% decline in April. Meanwhile Core sales excluding motor vehicle and parts climbed 0.5% beating expectations for a 0.1% gain. On the whole, these are good results which will hopefully contribute to the GDP this week.
Read the rest of the article [B][I][URL="http://www.forexcrunch.com/usdcad-outlook-jul-30-aug-3/"]USD/CAD Outlook Jul. 30 – Aug. 3[/URL][/I][/B]
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