USD/CAD is higher today as it retests the old neckline of the head-and-shoulders top. I doubt Canadian GDP is going to be much of a driver but it's worth watching because the market is unsure what's coming from BOC next month.
It's due out at the bottom of the hour with Q3 expected at 1.5% annualized after +3.3% in Q2.
USDCAD daily
After that, it's a grab bag from the US:
- 9 am ET FHFA and Case-Shiller house price data (lagging indicator, not a market mover)
- 10 am ET Nov US consumer confidence (key data point of the day)
- 10:30 am ET - Texas services index (low tier)
- 4:30 pm ET - API private oil inventories
Yesterday was a strange day in terms of price action as China sends conflicting signals and month skews the picture. I wouldn't expect a quiet one today and don't forget that at 2 pm ET, the US and Iran play in the World Cup so that will be a distraction.
For more, check out the economic calendar.
