Canada’s monthly GDP came in better than expected, today’s increase of 0.7% was outside the range with 0.5% being the top. The USDCAD got as low as 1.2539 and has since given back some of its gains.
Biden’s $2 trillion infrastructure plan unveils today with preliminary expectations of a new corporate tax rate of 28%.
The USDCAD will likely trade in a narrow range with a tendency to move back to the 1.2600 level.
Currently* Close Range
USDCAD 1.2570 1.2625 1.2539-1.2635
EURCAD 1.4765 1.4799 1.4764-1.4803
GBPCAD 1.7345 1.7358 1.7303-1.7377