- The loonie validates important weekly gains against the dollar.
- Growth and inflation data are coming from Canada.
- In the US, the personal income and expenditure report includes a key inflation figure.
The USD / CAD is consolidating recent losses and is trading around 1.2440 ahead of US and Canadian economic data. The pair trades without significant changes on Friday, after losing more than 150 pips in the previous two days.
The USD / CAD technical outlook turned bearish these days after the break of the 1.2520 / 30 zone, which was a key support and also where the 20-day moving average is. A return to the top would remove the downward pressures that currently dominate.
In the European session on Friday the USD / CAD fell to 1.2426, this being the lowest level since July 7 and then it had a slight rebound that could not go beyond 1.2450.
Data ahead
Of Canada The GDP reading for May will be known, as well as inflation data for June, which may have an impact on the looni in general.
At the same time that the Canadian economic figures come out, the June US personal income and spending report, with the important price index underlying personal consumption spending. Minutes later there will be the Chicago PMI index and the University of Michigan consumer confidence.
On monetary policy, it is to highlight that the president of the Federal Reserve of St. Louis, James Bullard and that of the governor of the Fed, Lael Brainard will speak in public.
Technical levels
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