The US Dollar strengthened against the Canadian Dollar, following the Canadian Gross Domestic Product release on Thursday at 12:30 GMT. The USD/CAD currency pair gained 49 pips or 0.38% at the time of the release. The currency pair kept facing upwards to continue fluctuation at the 1.2980 area.
The Statistics Canada released GDP data that came lower-than-expected 0.0% growth or stagnation compared with the forecast 0.1%. Namely, the GDP did not grew during the past month as it was forecasted by the economists.
The data release was significant for Canada to understand their current economic situation in the country after the disagreements with the US government. Namely, the latest NAFTA agreement was done without Canada, but it is essential for the Canadian economy because the Canadian economy depends a lot on the NAFTA agreement due the fact that the United States is the leading Canadian trading partner.
| Historical Data Table: GDP m/m | Economic Calendar for 31.08.2018 | ||||||||
| Date | 22.12.2017 | 31.01.2018 | 02.03.2018 | 29.03.2018 | 30.08.2018 | 9:00 AM | European CPI Flash Estimate y/y | ||
| Actual | 0.00% | 0.40% | 0.20% | -0.10% | 0.00% | 12:30 PM | CAD RMPI m/m | ||
| Forecast | 0.20% | 0.40% | 0.10% | 0.10% | 0.10% | 13:45 PM | US Chicago PMI | ||
| Initial Reaction on Main Pairs | SWFX Sentiment Indexes | ||||||||
| Open Price | Close Price | % Change | Longs | Shorts | |||||
| AUD/CAD | 0.94323 | 0.94501 | 0.19% | AUD/CAD | 73.67% | 26.33% | |||
| CAD/CHF | 0.7496 | 0.74854 | -0.14% | CAD/CHF | 70.81% | 29.19% | |||
| EUR/CAD | 1.51091 | 1.51373 | 0.19% | EUR/CAD | 52.94% | 47.06% | |||
| USD/CAD | 1.29283 | 1.29527 | 0.19% | USD/CAD | 62.74% | 37.26% | |||