US data and Canada’s GDP

• Core price index of personal consumption expenditure (y / y) (July), US, fact 2.0%, forecast 2.0%.
• Core price index of personal consumption expenditure (m / m) (July), US, 0.2%, forecast 0.2%.
• Number of initial jobless claims in US,  fact 213K, forecast  214K.
• Personal spending (m / m) (July), US, fact 0.4%, forecast 0.4%.
• GDP (m / m) (June) of Canada,  fact  0.0%,  forecast  0.1%.
• GDP (y / y) of Canada, fact 2.4%.
• GDP (QoQ) (Q2) of Canada,  fact  0.7%.
• GDP annualized (Q2/Q2) of Canada, fact  2.9%,  forecast  3.0%.

The Canadian dollar was under pressure on the unexpected slowdown in Canada’s GDP growth, which caused pressure on the Canadian dollar.

Fig. 1. Canada’s GDP chart

 

Against the background of a decline in the Canadian dollar, the US dollar received support. Also, the support of the US dollar was the reduction of initial applications for unemployment. As a result, the pair USD/CAD moved to growth on the formation of the “double bottom” figure, which opens the way to resistance levels of 1.3000 and 1.3030.

Fig. 2. USD/CAD chart. The current price is 1.2960.

Read also: “Market analysis: undervalued and overvalued shares”

Hanzenko Anton

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