The Loonie strengthened significantly against the Greenback on strong job data, rather than on cooling GDP growth showed in the report on Friday. The USD/CAD currency pair dropped 113 base points or 0.88% to touch 1.2771 level and depreciate futher nearing the 1.2700 area.
Statistics Canada said the country's the GDP rate was at an annualised 1.7% in the Q3, following a downwardly revised 4.3% in the preceding quarter. Canadian unemployment rate fell to 5.9% for the first time since 2008, while the economy added 79.5K jobs, which was twice as many positions compared with October. Average hourly wages kept rising at yearly 2.7% in the strongest performance since early 2016, being the one of the factors for the BoC to decide on further policy changes.
| Historical Data Table: Canadian GDP Annualised q/q | Economic Calendar for 04.12.2017 | ||||||||
| Date | 30.11.2016 | 02.03.2017 | 31.05.2017 | 31.08.2017 | 01.12.2017 | 9:30 AM | UK Construction PMI | ||
| Actual | 3.5% | 2.6% | 3.7% | 4.5% | 1.7% | 10:00 AM | EU Producer Price Index | ||
| Forecast | 3.4% | 2.0% | 3.9% | 3.7% | 1.6% | 3:00 PM | US Factory Orders | ||
| Initial Reaction on Main Pairs | SWFX Sentiment Indexes | ||||||||
| Open Price | Close Price | % Change | Longs | Shorts | |||||
| AUD/CAD | 0.97564 | 0.96673 | -0.91% | AUD/CAD | 74.41% | 25.59% | |||
| CAD/CHF | 0.76335 | 0.77162 | 1.08% | CAD/CHF | 32.54% | 67.46% | |||
| EUR/CAD | 1.53105 | 1.5164 | -0.96% | EUR/CAD | 27.30% | 72.70% | |||
| USD/CAD | 1.28843 | 1.2771 | -0.88% | USD/CAD | 42.48% | 57.52% | |||