Forex - USD/CAD edges higher despite strong Canadian GDP data By Investing.com

Forex - USD/CAD edges higher despite strong Canadian GDP data

ForexMay 31, 2017 09:29AM ET

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Forex - USD/CAD edges higher despite strong Canadian GDP data

Investing.com - The U.S. dollar edged higher against its Canadian counterpart on Wednesday, despite the release of strong Canadian economic growth data, as tumbling oil prices limited the Canadian currency’s gains.

USD/CAD hit 1.3485 during early U.S. trade, the session high; the pair subsequently consolidated at 1.3484, up 0.19%.

The pair was likely to find support at 1.3424, the low of May 29 and resistance at 1.3508, Tuesday’s high.

Statistics Canada said gross domestic product rose 0.5% in March, beating expectations for a growth rate of 0.2% and after a flat reading the previous month.

But the commodity-related Canadian dollar’s gains were capped by sharply lower Crude Oil WTI Futures amid fresh supply glut concerns.

Meanwhile, the greenback remained under pressure amid fears investigations into President Donald Trump's ties with Russia could hamper his administration's progress on promised stimulus measures.

Market participants were already eyeing Friday’s nonfarm payrolls report for further indications on the strength of the U.S. job market, which could give additional clues on whether or not the Federal Reserve will hike rates at its June policy meeting.

The loonie was lower against the euro, with EUR/CAD gaining 0.47% to 1.5128.

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US 30 Futures	34,056.0	+133.0	+0.39%
US 500 Futures	4,172.62	+10.12	+0.24%
Dow Jones	34,200.67	+164.68	+0.48%
S&P 500	4,185.47	+15.05	+0.36%
Nasdaq	14,052.34	+13.58	+0.10%
S&P 500 VIX	16.25	-0.32	-1.93%
Dollar Index	91.530	-0.088	-0.10%

Crude Oil WTI	63.08	-0.38	-0.60%
Brent Oil	66.71	-0.23	-0.34%
Natural Gas	2.686	+0.028	+1.05%
Gold	1,776.90	+10.10	+0.57%
Silver	26.032	+0.068	+0.26%
Copper	4.1665	-0.0520	-1.23%
US Soybeans	1,433.25	+15.25	+1.08%

SPDR S&P 500	417.26	+1.39	+0.33%
iShares Russell 2000	224.65	+0.36	+0.16%
Invesco QQQ Trust	342.01	+0.40	+0.12%
Direxion Daily Junior Gold Miners Bull 2X Shares	97.15	+2.12	+2.23%
iShares Silver	24.09	+0.06	+0.25%
ProShares Ultra VIX Short-Term Futures	4.48	-0.13	-2.82%
ProShares UltraPro QQQ	111.81	+0.47	+0.42%

Apple	134.16	-0.34	-0.25%
Alphabet A	2,282.75	-2.50	-0.11%
Tesla	739.78	+0.93	+0.13%
Amazon.com	3,399.44	+20.35	+0.60%
Netflix	546.54	-2.68	-0.49%
Facebook	306.18	-1.64	-0.53%
Bank of America	39.15	+0.41	+1.06%

Forex - USD/CAD edges higher despite strong Canadian GDP data

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