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.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
Mixed
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
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • NY Fed accepts $509.6 billion in daily reverse repo operations, down $74 billion from yesterday $USD $DXY
  • Canadian #Dollar Forecast: $USDCAD Rebound to Face #FOMC- #Loonie Levels - https://t.co/iB2PKLyMwK https://t.co/77D9BfswL5
  • Channel break leaves gold adrift. One technical indicator suggests the sell-off may be overextended. Get your market update from @nickcawley1 here:https://t.co/zRBQqac8ac https://t.co/ET1dHsqKFg
  • Please join @JStanleyFX at 14:00 EST/16:00 GMT for a webinar on trading price action. Register here: https://t.co/rFhWzz0pIy https://t.co/melMU6h4Jr
  • No follow through on the Nasdaq's and S&P 500's record high close yesterday. Not surprising with the FOMC on the forward looking threat radar. Meanwhile, the Dow is listing dangerously like a boat taking on water. Will the Fed save or sink? https://t.co/GIkChQdOKZ
  • IG Client Sentiment Update: Our data shows the vast majority of traders in USD/CHF are long at 75.11%, while traders in France 40 are at opposite extremes with 79.40%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/K4d2XxyGdx
  • WTI enjoying another strong session, up over 1% on the day and currently trading just below $72/bbl #Oil $CL_F #WTI https://t.co/UGf668BEt4
  • IG client sentiment data are sending bullish signals for both USD/CHF and EUR/CHF, suggesting a weaker Swiss Franc all around. Get your market update from @MartinSEssex here:https://t.co/2DJ7HuVnRP https://t.co/4xaNF4FjXN
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.25% Gold: -0.62% Silver: -1.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/WsLmJFTVct
  • $DXY $USD | US Dollar Index little changed after tagging its negatively sloped 50-day simple moving average earlier in the session as markets get positioned for FOMC event risk tomorrow. https://t.co/d7DE8WF0ZI
Loonie Higher as Canadian GDP Grows at the Fastest Pace in 2-Years

Loonie Higher as Canadian GDP Grows at the Fastest Pace in 2-Years

Benjamin Spier, Technical Strategist

Talking Points:

  • Canadian GDP expanded at the fastest pace in 2-years in Q3
  • BoC has previously stated concern over economic performance
  • USD/CAD declines to a new 2-day low

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

The Canadian Dollar rose nearly twenty pips against the US Dollar on news that the Canadian economy expanded at the fastest pace in two years in the third quarter.

Canada Gross Domestic Product grew by 0.7% (real) in Q3, up from 0.4% in the second quarter. On a monthly basis, the economy expanded by 0.3% in September, beating expectations for 0.2% growth and consistent with the 0.3% expansion in August. Canadian GDP grew by 2.3% from September 2012, according to Statistics Canada. Domestic demand increased 0.5% in the third quarter, while exports fell by 0.5% after three quarters of export growth.

In October, the Bank of Canada did not mention the possibility of a rate increase for the first time in more than a year, and Governor Poloz said this month that he would like to see inflation higher. The BoC also mentioned worse than expected economic activity as a reason for its accommodative stance. Better than expected economic growth may dissuade the BoC from further pursuing accommodative policy, and the release was therefore positive for the Loonie.

USD/CAD has fallen to a new 2-day low and past support at 1.0568, which was the August high, and the pair may next see support by the first monthly pivot support point at 1.0528.

New to Forex? Watch this video

USD/CAD 1-Minute: November 29, 2013

Loonie_Rises_as_Canadian_GDP_Grows_at_the_Fastest_Pace_in_2-Years_body_Picture_1.png, Loonie Higher as Canadian GDP Grows at the Fastest Pace in 2-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