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A few minutes before the GDP numbers, USD/CAD jumped almost 20 pips and touched a one-week high of 1.0550.
The temptation is to blame some kind of data leak (StatsCan has had problems in the past) but it’s more likely about positioning. Even if someone had the numbers ahead of time, the trade wasn’t clear. Quarterly GDP was stronger than expected but monthly GDP was weak so it could go either way.
Instead, the move was likely due to some last-minute trading ahead of the results and buy stops above 1.0540. The moves have now reversed and the pair is flat on the day at 1.0534.
In the bigger picture, USD/CAD consolidated nicely this week after a rally the week before. Overbought conditions are now relieved and the pair can test the highs of the year at 1.0610.
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