USD/CAD rises ahead of US Durable Goods, GDP

The USD/CAD pair rose +0.09% and is trading at 1.3519 at the time of writing. Earlier on the day, the pair was in a slow drift near the 1.3500 handle, with Canada wholesale trade likely falling 0.6% in January. US New Home Sales rose 1.5% vs 7.2% previous, with Durable Goods data expected on Tuesday.

The economic calendar is light on Monday, with traders focusing on Tuesday’s US Durable Goods Orders for January and Wednesday’s US Gross Domestic Product (GDP) growth for the fourth quarter. Canada is predominantly underrepresented on the economic calendar until Thursday’s Canadian GDP Q4 performance.

Canadian wholesale trade likely fell in January, according to market expectations with manufacturing sales likely rising 0.4% monthly. US New Home Sales Change rose 1.5% monthly in January compared to the previous month’s 7.2%.

Canada’s Current Account is expected to record -1.25 billion on Wednesday, while US fourth-quarter GDP growth is forecast to hold steady at 3.3% for the year ended 4Q.