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The Canadian Dollar strengthened against the Greenback, however after the release, the GDP data matched its expectations on Friday. The USD/CAD currency pair lost 15 base points, or 0.11%, to the 1.2866 level, but to continue fluctuating and retracing back to 1.2881 area.
Statistics Canada revealed that the country's gross domestic product contracted as forecasted to 0.1%, compared to 0.4% in the prior month. Data suggested that the slowdown in GDP's growth rate was caused by the decline in goods-producing industries.
In annual terms Canada's economy grew by 1.7%, following the business investment and residential structures growth. Moreover, exports have risen over the quarter, compared to the drop in the previous quarter.
| Historical Data Table: Canadian GDP m/m | Economic Calendar for 05.03.2018 | ||||||||
| Date | 31.10.2017 | 01.12.2017 | 22.12.2017 | 31.01.2018 | 02.03.2018 | 12:00 AM | AUD MI Inflation Gauge m/m | ||
| Actual | -0.10% | 0.20% | 0.00% | 0.40% | 0.10% | 9:30 AM | UK Services PMI | ||
| Forecast | 0.10% | 0.10% | 0.20% | 0.40% | 0.10% | 3:00 PM | US ISM Non-Manufact. PMI | ||
| Initial Reaction on Main Pairs | SWFX Sentiment Indexes | ||||||||
| Open Price | Close Price | % Change | Longs | Shorts | |||||
| AUD/CAD | 0.99888 | 0.99796 | -0.09% | AUD/CAD | 61.61% | 38.39% | |||
| CAD/CHF | 0.72671 | 0.72695 | 0.03% | CAD/CHF | 72.28% | 27.72% | |||
| EUR/CAD | 1.5861 | 1.58452 | -0.10% | EUR/CAD | 28.94% | 71.06% | |||
| USD/CAD | 1.28813 | 1.28665 | -0.11% | USD/CAD | 34.86% | 65.14% | |||