04/29/2014 10:25am CDT
The June Canadian Dollar extended higher this morning, perhaps in anticipation of Canadian GDP and a policy shift by the Bank of Canada this week. The June Canadian futures contract posted a 5-year low back in March with a drop back to 88.45, a level not seen since July '09. The June contract did post a sizable rally off of that extreme low, back upwards to 91.95. Since that high, we've seen the market consolidate sideways to lower, and now appears to be regaining momentum for a possible retest of the early April high. Better than expected economic data, particularly GDP, will be the deciding force for more follow-thru extension in the June CAD. We're expecting an action packed week for macro-market movement, kicking off with the April ADP employment figures for the US tomorrow at 7:15am CT, followed by US GDP and the FOMC Monetary Policy due out at 1:00pm CT.
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Jun '14 Canadian Dollar Daily Chart
Source: RJO Vantage