News & Analysis at your fingertips.

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. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
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
More View more
Real Time News
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here:
  • Gold price action is primed for volatility next week with the Fed decision on deck. How real yields and the US Dollar react to fresh guidance from Fed officials will be key for gold outlook. Get your weekly gold forecast from @RichDvorakFX here:
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here:
  • Canadian Dollar snapped a three-week losing streak after USD/CAD stalled at key technical resistance. Get your CAD weekly forecast from @MBForex here:
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here:
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here:
  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here:
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here:
  • The Nasdaq 100 index is aiming to breach a key resistance level at 14,950 for a second time. A successful attempt may open the door to further gains, although the MACD indicator flags signs of weakness. Get your equities forecast from @margaretyjy here:
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here:
Loonie Tumbles as Canadian Economy Shrinks in February

Loonie Tumbles as Canadian Economy Shrinks in February

Tzu-Wen Chen, Technical Strategist

THE TAKEAWAY: [Canadian GDP unexpectedly shrank in February] > [Decreases led by temporary mining shutdowns] > [CAD tumbles vs. USD]

Canadian economic growth unexpectedly slowed in February as temporary shutdowns in mining and other good-producing industries impacted on production. Canada’s GDP slowed to an annualized rate of 1.6 percent in February, compared to January’s print of 1.7 percent.

Monthly GDP growth also disappointed, with Canada’s GDP contracting by 0.2 percent in February, reversing the growth seen in the previous two months. The Canadian economy had grown by 0.1 percent in January and 0.5 percent in December after shrinking by 0.1 percent in November. Economists surveyed by Bloomberg News had expected Canada’s Gross Domestic Product (GDP) to expand by 2.1%. The month-on-month print also fell short of expectations, with the consensus forecast of economists calling for growth of 0.2 percent.

According to a report released by Statistics Canada, the slowdown in economic growth was led by decreases in mining and oil and gas extraction, manufacturing and utilities, which outpaced advances in construction and wholesale trade. As mining closures are expected to be temporary, we could see Canada’s GDP pick up in the next month as impact from the shutdowns subside.

USDCAD 1-minute Chart: April 30, 2012

Loonie_Tumbles_as_Canadian_Economy_Shrinks_in_February_body_Picture_1.png, Loonie Tumbles as Canadian Economy Shrinks in February

Chart created using Strategy Trader – Prepared by Tzu-Wen Chen

The loonie tumbled against the greenback in the minutes following the release of the disappointing GDP print, falling as much as 37 pips against the U.S. dollar. At the time of this report, the USDCAD pair was trading at around C$0.9856.

--- Written by Tzu-Wen Chen DailyFX Research

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