Skip to content
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
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
USDCAD Falls Even After Significant Miss in CAD GDP Data

USDCAD Falls Even After Significant Miss in CAD GDP Data

Yash Gandhi, Contributor

Talking Points

  • Canadian Annualized GDP (May) comes in at 0.5% vs 0.8% estimate
  • Canadian m/m GDP has a -0.2% read vs 0.0% expectation
  • USDCAD gains, then falls on the back of Canadian GDP figures

Canada released GDP figures for May at 12:30 GMT. The annualized GDP figure for May showed a 0.5% print vs 0.8% estimates set forth by Bloomberg News economists. The data is a -0.7% drop from April. On a m/m basis, GDP for Canada came in at -0.2%vs 0.0% market expectations. Canadian GDP largely missed estimates, in another dismal showing from the Canadian economy.

USDCAD experienced initial strength on the back of the unfavorable Canadian GDP data. The pair, which has climbed in recent weeks, was holding resistance at C$1.306 for the day. After the data print, USCAD climbed from C$1.305 to C$1.308. The Canadian Dollar stemmed its losses causing a plummet in the pair which is currently trading at C$1.295. The US Dollar fell primarily due to a weak showing in 2nd quarter employment cost index.

The Bank of Canada recently cut rates in order to spur economic productivity after a miss in 1Q data. GDP for May signals a discouraging sign moving forward for the Canadian economy. Gross domestic product is a significant market mover as it gives market participants a snapshot of the overall economic output.

Here’s a summary of GDP figures from Canada:

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