Canada GDP data
- GDP (m / m) (May), fact 0.5%, forecast 0.3%.
- GDP (y / y), fact 2.6%, forecast 2.3%.
Canada’s GDP data increased unexpectedly, surpassing market expectations and supporting the Canadian dollar. The data in monthly terms showed the strongest growth for 2018. When GDP (y / y) slightly slowed down the existing downward dynamics, but exceeded expectations.
Fig. 1. GDP of Canada y/y Chart
The pair USD/CAD gained support on Canada’s GDP data and weakness of the US dollar, confirming the safety of the downtrend, and opening the way to support levels: 1.2970 and 1.2950.
Fig. 2. USD/CAD H4 chart. Current price – 1.3010
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Hanzenko Anton
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