Canada’s GDP growth slowed down

• Canada’s GDP (m/m) is fact is 0.3%, the forecast is 0.2%.
• The change in Canada’s GDP for the year (q/q), the fact is 1.3%, the forecast is 1.8%.

The Canadian dollar was under pressure from ambiguous data on Canada’s GDP, which was caused by low volumes of Canada’s GDP change. Thus, GDP figures for the third consecutive quarter do not justify the market’s expectations and remain extremely low, which in the end may indicate a slowdown in Canada’s GDP growth this year.

Graph of changes in GDP in Canada

Thus, weak data on Canada’s GDP put pressure on the Canadian dollar and the pair USD/CAD slowed down after yesterday’s meeting of the Bank of Canada. Ambiguous data for Canada allowed this pair to find support near the level of 1.2850-1.2800, which corresponds to the lower boundary of the rising channel in April-May. So, the closing of the week above this support will provide a basis for recovery of the uptrend.

Fig. USD/CAD H4. The current price is 1.2880.

Also, read: “Dictionary of the trader for trading on the Forex market”

Hanzenko Anton