Loonie Gains Against Greenback on Slow Memorial Day

It’s a slow day for the markets, thanks to the Memorial Day holiday in the United States. However, the FX market is open, and the Canadian dollar is making some progress against its US counterpart as traders look ahead to economic data to be released later in the week.

Loonie is getting a bit of a bump today as Forex traders and analysts look ahead to economic data due at the end of the week. Statistics Canada is expected to release a report for GDP, and many expect to see an increase of 1.7 per cent annualized for the quarter, as well as a monthly gain of 0.1 per cent.
Initial reports for first quarter GDP in the United States showed a gain of only 0.1 per cent. With that in mind, the Canadian dollar is getting a little help on today’s slow trading day. While there is some small amount of action, most markets are quiet with US markets closed down in observance of the Memorial Day holiday.
Loonie isn’t seeing the same gains against its European counterparts, though.
At 14:54 GMT USD/CAD is lower, dropping to 1.0858 from the open at 1.0869. EUR/CAD is up to 1.4824 from the open at 1.4811. GBP/CAD is also higher, up to 1.6846 from the open at 1.6837.

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