Canadian GDP (MoM) declines to 0.0% , USDCAD is set to rise !

Gross Domestic Product (GDP) measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and the primary indicator of the economy’s health.

Usual Effect: A high reading or a better than expected number is seen as positive for the CAD, while a low reading is negative.

Frequency: Canada releases fresh GDP data on a monthly basis.

Last Read : 0.3%

Expectations : 0.2%

Actual : 0.0%

Volatility: High Volatility

Market Impact : The pair has printed support at the 1.1130 levels, further upside is likely and couldn’t be ruled out the upcoming hours, next resistance comes at the 1.1200 levels, a break would recapture main resistance on weekly at the 1.1278 levels, further upside will aim the 1.1350 levels ahead of the 1.1400 levels..

On the downside , support comes at the 1.1130 levels , stability above this level will keep the bullish momentum intact , anyway , keep an eye on US CB Consumer Confidence , it will be published today at 14:00 GMT, any reading below 92.5 is seen as an opportunity  to buy the pair on dips, while any reading above 92.5 should push the pair further higher towards the 1.1278 levels ………Below 1.1130 which is unlikely will turn outlook neutral and bring consolidation…






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