Data to back up situation:
GDP: Friday, 12:30. GDP is one of the most important economic indicators, and an unexpected reading can have a strong impact on the movement of USD/CAD . In April, GDP posted a small gain of 0.1%, matching the forecast. The markets are braced for a downturn in the May report, with an estimate of -0.5%.
RMPI: Friday, 12:30. RMPI measures in the manufacturing sector. The index jumped 6.7% in May, well above expectations. The estimate for the June report stands at 3.2%.