- US GDP revised up to 4.1% from 3.6%
- Canada retail sales down by 0.1% vs. 0.3% uptick expected
- Canada core retail sales at 0.4% vs. 0.0% expected
- Canada inflation at 0.0% vs. 0.2% expected
- Canada core inflation at -0.1% vs. 0.1% expected
Now you see it, now you don’t! The Greenback was unable to take advantage of Uncle Sam’s upward revision to the GDP report as it fell against its counterparts. In fact, EUR/USD, GBP/USD, USD/JPY, and USD/CHF all initially moved against the dollar before price settled to its pre-GDP report levels.
The Loonie also saw some action as Canada released its weak inflation and retail sales numbers. USD/CAD had spiked to its three-year highs before it settled back to the 1.0650 area.
Japan is on a bank holiday today so we probably won’t see any action until the U.S. session when Canada prints its GDP report. Volatility might be limited today, folks. Make sure you adjust your expectations and trade management accordingly!
Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.
Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!