USDCAD range remains tight, awaiting for tomorrow’s GDP numbers

By MoneyWay | May 30, 2019

Canada’s quarterly GDP and monthly GDP are both released tomorrow, expectations are for relatively flat numbers. Oil has fallen over 1% on the back of the inventory data, summer driving has yet to have an impact. The latest in the U.S.-China trade talks has China putting new soybean purchases on hold while it will honour its existing contracts.  Soybean futures in Chicago slumped to a 10-year low earlier this month as the tensions peaked. Since then, prices have rebounded as a deluge of rain impacts U.S. plantings.

Currently             Close                     Range

USDCAD               1.3505                   1.3519                   1.3486-1.3521

EURCAD               1.5040                   1.5048                   1.4995-1.5061

GBPCAD               1.7038                   1.7071                   1.6983-1.7078

                                                                                                Prior                      Actual

US:         Gross Domestic Product Q1 2019               3.2%                      3.1%

                International Trade in Goods Apr              $-71.9B                 $-72.1B

                Jobless Claims wk5/25                                    212K                      215K

                Petroleum Status Report wk5/24

                                Crude Oil                                              4.7M Brls             -0.3M Brls

                                Gasoline                                              3.7M Brls             2.2M Brls

                Pending Home Sales April M/M                 105.9                     104.3

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