By ForexMansion.com

 

The USD/CAD pair rose on Friday after the Gross Domestic Product estimate for February showed that the Canadian economy contracted by 0.2%, while the economy expanded at an annualized rate of 2.9% worse than median estimates, which weighed down on the Canadian dollar and pushed the USD/CAD pair to rise. Moreover, data from the United States signaled personal income and spending rose in March, which boosted the U.S. dollar against the Canadian dollar as well.

The USD/CAD pair though is not expected to continue its upside wave, where we still hold a bearish outlook for the pair, where a combination of a weak U.S. dollar in addition to rising energy prices should continue to push the pair lower on Monday.

Monday 12:30, Canada will release the Industrial Product Price index for the month of March, where industrial product prices increased by 0.7% in February, also, the Raw Materials Price index will be released for March, where raw materials prices rose in February by 1.8%, reflecting mainly the rise in energy prices.

Monday 14:00, the United States will release the ISM Manufacturing index for the month of April, where the ISM manufacturing index is expected to ease to 60.1 in April, compared with the prior estimate of 61.2 reported back in March.

Originally posted here

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