- US GDP (P)
- Canada GDP.
I talked about US GDP in this topic:
Today, I talk about Loonie: Canadian Dollar .
All we know Loonie sticks to oil price.
Oil bounced agressively recent months after hitting 44.50 to 64, and now it sideways in the range between 64 and 56
The main reason comes from the squeeze of greenback.
The most important thing I want to say:
THE OIL SUPPLY IS STILL LARGER THAN THE DEMAND.
SUPPLY > DEMAND.
US oil producers and OPEC still not cut their production.
Hence , the oil bear is the problem of time. But When ?.
We see that USDollar begin to return its uptrend after the correction.
This will drive oil back to the downtrend, and weight on Loonie.
Back to data.
Last quarter, Canada economy performed very well, and I think Canda GDP tomorrow would be positive.
Previous: 0.0%, Consensus: 0.2%, I think the data could print at .04% beat the Consensus.
However, I think the data could support Loonie in one day, it cann't support Loonie in the long term. USDCAD could retraces , but in the long term, will control the move.
I consider the retracement of Loonie tomorrow as a chance to buy at lower level.
I have two level to enter a BUY Limit order.
- BUY at 1.2300 or at 1.2275
Stop loss at 1.2200
Take profit at 1.2800
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