The Canadian is losing ground. The Canada GDP data

The Canadian dollar fell sharply against the US dollar, which was due to weak data on Canada’s GDP.

• In October, the change in Canada’s GDP was 0.0%, versus the September growth of 0.2%.

The management of the Bank of Canada closely follows this indicator and its change against the growth of the key interest rate to the level of 1.0%. Evaluation of the impact of tightening monetary policy on economic growth is a key point for further interest rate growth.

Technical analysis: The USD/CAD pair is trying to pass into the previously broken up channel on H1. In the event that the price of the instrument is fixed above the 1.2800, one should expect further restoration of the instrument price to the mark.

Fig. USD/CAD. The current price is $ 1.2784.

Alexander Sivtsov