The Canadian dollar strengthened against the Greenback, following The Canadian GDP data release. The USD/CAD currency pair lost 38 pips, or 0.29%, to continue fluctuating in the 1.3046 area.
The Statistic Canada released the monthly Gross Domestic Product that came out better-than-expected of 0.5% compare with forecasted 0.3%.
Avery Shenfeld, chief economist at Toronto-headquartered CIBC Capital Markets says: "April showers brought May flowers for the Canadian economy, as better weather and healthy gains in a broad range of sectors added up to a strong month of growth. Real GDP hit our projected 0.5% gain, which was two ticks above consensus, and after a tame 0.1% gain was enough to put the second quarter on pace for roughly 3% growth even with a soft June".
| Historical Data Table: Canadian GDP m/m | Economic Calendar for 31.07.2018 | ||||||||
| Date | 29.03.2018 | 01.05.2018 | 31.05.2018 | 29.06.2018 | 31.07.2018 | 2:00 PM | US CB Consumer Confidence |
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| Actual | -0.10% | 0.40% | 0.30% | 0.10% | 0.50% | 10:45 PM | NZ Employment Change q/q | ||
| Forecast | 0.10% | 0.30% | 0.20% | 0.00% | 0.30% | 10:45 PM | NZ Unemployment Rate | ||
| Initial Reaction on Main Pairs | SWFX Sentiment Indexes | ||||||||
| Open Price | Close Price | % Change | Longs | Shorts | |||||
| AUD/CAD | 0.96752 | 0.96654 | -0.10% | AUD/CAD | 74.23% | 25.77% | |||
| CAD/CHF | 0.75715 | 0.75921 | 0.27% | CAD/CHF | 56.41% | 43.59% | |||
| EUR/CAD | 1.52996 | 1.52665 | -0.22% | EUR/CAD | 33.13% | 66.87% | |||
| USD/CAD | 1.3038 | 1.29998 | -0.29% | USD/CAD | 47.75% | 52.25% | |||