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
Mixed
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • (#ASEAN Fundy Weekly) The US #Dollar appears to be back on the offensive against ASEAN FX such as the Singapore Dollar and Malaysian #Ringgit. The Philippine Peso gained. What does #USD face from here? $USDSGD $USDPHP $USDMYR $USDIDR - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/04/06/US-Dollar-Back-on-the-Offensive-USDSGD-USDPHP-USDMYR-USDIDR.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/8CKptvL6Uz
  • This thread 😂 https://t.co/9nek6fXA1t
  • This is the best one of the thread. https://t.co/dXGZZVzww7
  • Negative yielding government bonds – What are they telling us? Find out from @nickcawley1 here: https://t.co/F6JuhmrvPT https://t.co/ZzbHAVT6RE
  • LIVE IN 30 MIN: In this session, Currency Analyst @ZabelinDimitri will analyze the cross-asset impact of geopolitical risks affecting markets in the week ahead. https://www.dailyfx.com/webinars/146770987
  • Join @ZabelinDimitri 's #webinar at 11:30 PM ET/3:30 AM GMT to find out how geopolitical risk will affect the markets in the week ahead. Register here: https://t.co/hsULxMNOtM https://t.co/jdzRaFJnaa
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Silver: 0.20% Gold: 0.06% Oil - US Crude: -3.63% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/GqKRXlbHQc
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.42% 🇳🇿NZD: 0.30% 🇪🇺EUR: 0.07% 🇨🇭CHF: -0.04% 🇬🇧GBP: -0.24% 🇯🇵JPY: -0.38% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/6yhR5FFtZw
  • LIVE NOW: Join DailyFX Senior Strategist @IlyaSpivak LIVE as he discusses the outlook for the financial markets in the week ahead! https://www.dailyfx.com/webinars/889679267
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.10%, while traders in US 500 are at opposite extremes with 68.84%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/gvtwxfEvLB
Canadian GDP Rises at the Fastest Pace in Two Years

Canadian GDP Rises at the Fastest Pace in Two Years

2013-09-30 13:04:00
Benjamin Spier, Technical Strategist
Share:

Talking Points:

  • Canada GDP rises at the fastest pace in two years
  • BoC predicts 1.8% growth in 2013
  • USD/CAD continues trading below 1.0300

Want to trade with proprietary strategies developed by FXCM? Find out how here.

The Canadian economy expanded by the fastest pace in two years in July and matched the largest expansion rate in three and a half years. The gross domestic product was reported 0.6% higher on a monthly basis, beating expectations for a 0.5% expansion and an improved release following the 0.5% GDP decline reported in June, which was the biggest monthly contraction since 2009. The economy expanded 1.4% since July 2012, according to Statistics Canada.

In July, the Bank of Canada said the economy will be choppy in the near term, but the central bank raised its growth forecast to 1.8% for 2013, up from a previous forecast of 1.5%. The BoC has kept the target interest rate at 1% since September 2010, and although growth expanded significantly in July, the 1.1% inflation rate reported in August was well below the bank’s 2.0% inflation target.

The Canadian dollar did not significantly respond to the GDP release, as it was only slightly above expectations and markets remain focused on US related headlines, like the potential government shutdown and the possibility of a Fed taper in October. USD/CAD fell below 1.0300 following the weekly open, and the pair may continue to see resistance around 1.0311, where it opened two weeks ago after a significant weekend gap.

New to Forex? Watch this video

USD/CAD Daily: September 30, 2013

Canadian_GDP_Rises_at_the_Fastest_Pace_in_Two_Years_body_Picture_1.png, Canadian GDP Rises at the Fastest Pace in Two Years

Chart created by Benjamin Spier using Marketscope 2.0

-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

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

DISCLOSURES

News & Analysis at your fingertips.