The Canadian Dollar sits in currency trader's crosshairs with the loonie looking geared up for a technical breakout. Friday's GDP data could potentially serve as the catalyst that fuels CAD's next move.
The Bank of Canada threatens to jolt currency volatility with its July monetary policy update if the central bank fails to confirm the market's relatively hawkish expectations.
USDCAD soared then swooned in a volatile trading session due to downbeat rhetoric found in the Bank of Canadas latest Financial Stability Report but now being offset by positive USMCA deal news.
Canadian Dollar forex traders are expecting heightened price volatility ahead of the Bank of Canada's upcoming interest rate decision.