img CDN
img AUS
img NZ
img US
Call us now: 1.844.363.7297
imgOnline Dealing Login

Canadian GDP Down, USD/CAD Rallies

Published December 23, 2016
  • Trading remains light heading into the holidays; Japanese markets were closed today, while activity in Europe and North America is expected to be slow
  • Japanese markets will open again on the 26th, US and European markets will reopen on the 27th
  • The Canadian Dollar weakened to a five-week low, touching 1.3350 to the USD after worse than expected GDP data; Canadian GDP showed a contraction of -0.3% versus an expected 0.1%
  • Oil drops closer to $52.00 with bearish bias as pre-Christmas profit takes charge amid subdued trading action
  • On a fundamental basis, the chance of a stronger US dollar for 2017 could cause commodity prices and commodity currencies (i.e. oil and CAD) to fall
  • Third quarter UK GDP growth was revised higher to 0.6 percent, with consumption driving expansion
  • The Italian government has committed to a bail out of three Italian banks after the European Central Bank declined to contribute any funds; Italy will inject 20 billion euros between banks Monte Paschi, Veneto Banca, and Popolare di Vicenza
  • US New Home Sales, Revised Consumer Sentiment and Revised Consumer Inflation Expectations are all released later today at 10:00 AM EST
  • Wishing you all a very Merry Christmas and Happy Holidays from EncoreFX!

Chart: (1) USD/CAD with Resistance Level at 1.3582