The USD has once again been on a tear over the past few days. This time, further to disappointing national real estate data (Teranet/National Bank Index), the Canadian dollar has also felt the strength of its neighbour to the south. Since last Thursday, the greenback has turned in the following performances against major currencies:
CAD -180 points/ euro: -200 points/ New Zealand dollar: -300 points/ Australian dollar: -350 points/ /yen: -380 points and pound sterling: -400 points.
Overnight developments have confirmed the severity of the situation in Europe:
- German 1st quarter GDP: 0.1% (vs 0.3% expected)
- French 1st quarter GDP: -0.2% (vs -0.1% expected)
- Eurozone 1st quarter GDP: -0.2% (vs -0.1% expected)
If you're a USD seller who's been waiting to cover your positions, you should take advantage of the 1.0200-1.0500 range now by placing orders. If you're a USD buyer, be careful, the bullish trend for the greenback appears strong.
Range of the day : 1.0140-1.0240