EncoreFX’s daily market updates are written by our experienced and professional dealing team.
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