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. Canada releases fresh GDP data on a monthly basis.
The Canadian Gross Domestic Product (GDP) rose 0.5%, from -0.2% in the previous month, the indicator was expected to rise to 0.2% in the last month.
Technical Summary : As long as 1.3291 resistance holds on a daily closing basis, the USDCAD remains in the pullback mode and further down towards the 1.3058/1.2944 levels couldn’t be ruled before the next rise, below 1.2944 will extend the pullback towards the 1.2740 levels. On the upside, a clear break above 1.3291 is needed to restore the upside momentum, otherwise the pair remains under pressure in case of recovery !
Market Impact : Positive data from Canada should keep USDCAD under pressure and further down is likely , any rise is an opportunity to sell on tops !!….short term resistance comes at 1.3200 levels….