Last week’s high of 1.2917 is tested
Watch for stops on a break of 1.2917 in the aftermath of the soft August Canadian GDP data. The high so far is 1.2910.
The one caveat in the soft report is that StatsCan said maintenance shutdowns at chemical and extractive industries were part of the reason for the decline. Chemical manufacturing was down 7.3%, the largest slump in 20 years.