The Canadian has strengthened its position. Canada GDP data

The Canadian dollar strengthened its position against the US dollar, supported by positive data on Canada’s GDP.

• According to published data, in November, GDP growth was 0.4%, exceeding the previous value of 0.0%.

In turn, the stronger strengthening of the Canadian is hampered by a decline in prices of raw materials and manufactured goods.

• The index of prices for manufactured goods in December fell by -0.1%, against the November growth at 1.4%. On an annualized basis, the growth rate slowed to 2.2%, against the previous value at 2.7%.
• The price index for raw materials in December fell by -0.9%, against growth in November at 5.4%. On an annualized basis, the growth slowed to 6.2%, which is lower than the previous value of 13.9%.

Technical analysis: The pair USD/CAD moves in a downtrend in the short term. The main resistance levels are 1.2320, 1.2350. The support levels are 1.2230, 1.2200.

Fig. USD/CAD. Current price – $ 1.2266

Alexander Sivtsov