USD/CAD: Trading Recommendations

Futures on the DXY dollar index is trading at the beginning of today’s European session near 97.42, 18 pips below the opening price of the current trading week and 188 pips below 99.30, near which it was trading earlier this month, when the DXY reached its highest level since March 2017 year.

And yet, despite the decline, the long-term positive dynamics of the US dollar remains. The US economy growth rates, despite signs of a slowdown, is still higher than in other developed countries. The US continues to outperform other developed economies in terms of GDP growth, which creates the preconditions for maintaining demand for US assets and the dollar.

Today (at 12:30 GMT) annual data on US GDP will be published. According to the forecast, GDP in the 3rd quarter grew by 1.7% after rising by 2.0% in the previous 2nd quarter.