Canadian May GDP will be released at the bottom of the hour. Expectations are for 0.2% monthly growth.
USD/CAD is flat on the day but declined in the four prior sessions. The market took a swing at parity earlier this morning touching 1.0004 but a barrier has held thus far, followed by a bounce to 1.0025.
The risks around this report are skewed to the downside. A strong report (+0.4% or better) will chop through parity and flush stops before support at 0.9955/60 takes hold. A soft report (0% or lower) will trigger a run to 1.0050 but the market wants to be short this pair ahead of the FOMC and will be eager to sell.