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The US Dollar depreciated against the Canadian Dollar, following the Canadian GDP data release on Friday at 12:30 GMT. The USD/CAD exchange currency rate lost 18 pips or 0.14% during a minute, right after the release. In the next minutes the rate was trading at the 1.2977 level.
The Statistics Canada released the Canadian GDP data that came out better-than-expected of 0.20%, compare to forecasted 0.10%.
"A slight improvement in Canadian growth during July should be enough to see the Bank of Canada hike rates in October," ING economist James Smith wrote in a note. "But with Nafta talks still failing to yield any breakthrough, the outlook for growth remains uncertain."
| Historical Data Table: GDP m/m | Economic Calendar for 01.10.2018 | ||||||||
| Date | 01.05.2018 | 31.05.2018 | 29.06.2018 | 31.07.2018 | 28.08.2018 | 8:30 AM | UK Manufacturing PMI | ||
| Actual | 0.40% | 0.30% | 0.10% | 0.50% | 0.20% | 14:00 PM | US ISM Manufacturing PMI | ||
| Forecast | 0.30% | 0.20% | 0.00% | 0.30% | 0.10% | Tentative | NZD NZIER Business Confidence | ||
| Initial Reaction on Main Pairs | SWFX Sentiment Indexes | ||||||||
| Open Price | Close Price | % Change | Longs | Shorts | |||||
| AUD/CAD | 0.93723 | 0.93726 | 0.00% | AUD/CAD | 74.39% | 25.61% | |||
| CAD/CHF | 0.75218 | 0.75281 | 0.08% | CAD/CHF | 72.40% | 27.60% | |||
| EUR/CAD | 1.50314 | 1.50266 | -0.03% | EUR/CAD | 49.06% | 50.94% | |||
| USD/CAD | 1.29846 | 1.29809 | -0.03% | USD/CAD | 54.26% | 45.74% | |||