The canadian is under pressure

The Canadian dollar fell sharply against the US dollar against weak data on Canada’s GDP.

• According to published data, Canada’s GDP fell by -0.1% in August, while analysts had expected growth by 0.1%.
• Also, the raw material price index (RMPI) in September decreased by -0.1%, against growth in the previous period at the level of 0.9%, on an annualized basis growth the indicator remains at the level of 6.3%.
• The index of prices for manufactured goods (IPPI) in September decreased by -0.3%, against growth in the previous period at the level of 0.4%, on an annualized basis the growth slowed to 1.5%, against the previous value at the level of 2.3%.

Based on this statistics, the pair USD/CAD grew by more than 50 points and tests the level of resistance in psychology of 1.2900. It is possible that the pair will overcome consolidation in the area of ​​psychology of 1.2900, pending a speech of Stephen Poloz. And, it can continue its movement upwards. For additional information, https://esterholdings.com/en/2017/10/31/kanadets-v-ozhidanii-2/

Fig. Current price USD/CAD – 1,2907

Alexander Sivtsov