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The Greenback gained strength against the Canadian Dollar, following Canadian gross domestic product data release on Thursday. The USD/CAD currency pair gained 30 pips, or 0.23%, retracing back to the 1.2907 level.
The Statistics Canada released lower-then-expected monthly GDP data of –0.1% in January. Economists prognosis turned out to be too optimistic by forecasting January's GDP data to decrease only to 0.1%, compared to 0.2% in the prior month. This was mainly driven by the slowdown in household spending due to the fact that Canada already has a high housing debt ratio. The Bank of Canada's intentions towards increasing interest rates should now be slowed down.
| Historical Data Table: Canadian GDP m/m | Economic Calendar for 29.03.2018 | ||||||||
| Date | 01.12.2017 | 22.12.2017 | 31.01.2018 | 02.03.2018 | 29.03.2018 | 5:00 AM | JPY Housing Starts y/y | ||
| Actual | 0.20% | 0.00% | 0.40% | 0.20% | -0.10% | 6:45 AM | EU French Prelim CPI m/m | ||
| Forecast | 0.10% | 0.20% | 0.40% | 0.10% | 0.10% | 9:00 AM | EU Italian Prelim CPI m/m | ||
| Initial Reaction on Main Pairs | SWFX Sentiment Indexes | ||||||||
| Open Price | Close Price | % Change | Longs | Shorts | |||||
| AUD/CAD | 0.99056 | 0.9926 | 0.21% | AUD/CAD | 53.44% | 46.56% | |||
| CAD/CHF | 0.74199 | 0.74014 | -0.25% | CAD/CHF | 71.60% | 28.40% | |||
| EUR/CAD | 1.58799 | 1.59143 | 0.22% | EUR/CAD | 25.96% | 74.04% | |||
| USD/CAD | 1.28951 | 1.29254 | 0.23% | USD/CAD | 44.40% | 55.60% | |||