Canadian GDP in focus for the USD/CAD this afternoon

With so much focus and attention placed on the US PCE report this afternoon, it is easy to overlook the fact that there is some important data due out elsewhere today. The most likely to have an impact could be the latest Canadian Q1 GDP report. That is also due out at the same time as the US PCE report, at 12.30pm GMT. Hence, as usual that might make for tricky navigation of the USD/CAD around that time. The markets expect the Canadian economy to basically stalled in March, but the annualised Q1 data is expected to rise by around 2.2%, from a prior reading of 1%. Now ahead of this data the USD/CAD has fallen back from a high around 1.3734 yesterday, to a low so far today at 1.3646. The USD/CAD closed in the US last night at 1.3681. Looking at the daily chart on this one there are clear signs of upside exhaustion ahead of 1.3750 and more immediate downside support at 1.3615 right now looks the weaker of the two. Therefore a break either side of that 1.3615-1.3750 range could extend. It will surely all rest with the data later today. The USD/CAD is right on session lows, currently trading at 1.3646