We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
USD/JPY
Bearish
Gold
Bearish
Oil - US Crude
Bullish
Bitcoin
Mixed
More View more
Real Time News
  • EU Trade Commissioner Hogan says the key issue in the EU-UK trade talks is standards
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.63%, while traders in France 40 are at opposite extremes with 84.38%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/v6hfPwSeDn
  • What is the best time to trade #forex? Find out: https://t.co/NbM2tJK9cl #tradingstyle https://t.co/AmtstPZEYs
  • Commodities Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.73% Gold: 0.34% Silver: 0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/EEsApAkMmS
  • Euro Outlook Dour Even as Germany Narrowly Avoids Recession - https://www.dailyfx.com/forex/market_alert/2019/11/14/Euro.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #EURUSD #Germany #GDP
  • Forex Update: As of 08:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.19% 🇯🇵JPY: 0.10% 🇪🇺EUR: 0.03% 🇬🇧GBP: -0.13% 🇳🇿NZD: -0.29% 🇦🇺AUD: -0.57% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/0JS1Y5wJNc
  • #Euro Outlook: #EURUSD Decline May Accelerate Ahead of GDP Data https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2019/11/14/Euro-Outlook-EURUSD-Decline-May-Accelerate-Ahead-of-GDP-Data.html
  • Indices Update: As of 08:00, these are your best and worst performers based on the London trading schedule: US 500: -0.03% Wall Street: -0.04% France 40: -0.06% Germany 30: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/eNZVkci3zp
  • This piece will analyze key technical developments in $EURNOK, GBP/SEK, GBP/NOK and $USDSEK as each pair approaches key technical levels.Get your market update from @ZabelinDimitri here:https://t.co/IQ75REEYZg https://t.co/44OZE9oOGF
  • 🇪🇺 EUR German Gross Domestic Product w.d.a. (YoY) (3Q P), Actual: 0.5% Expected: 0.4% Previous: 0.4% https://www.dailyfx.com/economic-calendar#2019-11-14
Canadian Economy Grows for Fourth Straight Month in January

Canadian Economy Grows for Fourth Straight Month in January

2011-03-31 13:10:00
Christopher Vecchio, CFA, Sr. Currency Strategist
Share:

The Canadian economy grew for the fourth consecutive month, data released today showed. Manufacturing led the surge, boosting overall output by 0.5 percent in January. The pace at which the economy expanded fell in line with analysts’ expectations, according to a Bloomberg News survey. Manufacturing expanded by 2.8 percent in January, the quickest pace of expansion since September 2003. The jump marks a significant increase over the 0.8 percent growth in manufacturing in December. On an annualized rate, the economy grew at a pace of 3.3 percent during the 4th quarter of 2010, according to data released on February 28, following the largest jump in exports since 2004. However, a stronger Loonie could restrain further growth, as the trade balance is likely to suffer as foreigners purchase fewer Canadian goods.

Canadian GDP (YoY): March 2007 to Present

033111_Canadian_GDP_Mostly_Unchanged_body_Picture_1.png, Canadian Economy Grows for Fourth Straight Month in January

Courtesy: Bloomberg

While it is clear that the United States’ neighbor to the north has comfortably climbed out of the recession, with moderate growth having resumed coupled with the fact that Canada is the only country to have regained all of its lost laborers during the recession, the recovery remains fragile. Speculators bidding up the Loonie in recent weeks will likely have a negative effect on the country’s growth, with exports expected to fall on a stronger Canadian Dollar. Moreover, the growth figures could have an effect on Prime Minister Stephen Harper’s bid for reelection, after the conservative government was ousted by opposition parties. Harper has called the recovery “fragile,” after the Canadian legislature rejected the budget proposal, ending the C$7.6 billion Canadian stimulus plan.

Following the release of the news, while the Loonie fell slightly against its American counterpart, at the time this report was written, it was unchanged from the five minute period before the release.

Written by Christopher Vecchio, DailyFX Research.

To contact the author of this report, please send inquiries to: research@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.