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. Published on Friday at 13:30 GMT.
However; the last read was 0.3 %, this month is expected to make a slide to 0.2 %, before we start let’s take a look at the pair from a technical perspective.
The USDCAD maintained a bullish momentum the past few days, printed support at the 1.1031 levels, this development left the pair targeting the 1.1173 levels, a halt is suggested but a break would call for a run to the 1.1290 levels, further out will aim the 1.1355 levels.
Alternatively, a failure to hold above 1.1173 levels on ad daily closing basis could mean a return to the 1.1031 levels, a cut will bring consolidations and turn the focus on the 1.0955 levels, below this level will reverse risks to the downside towards the 1.0858 levels.
In all the USDCAD is likely to retain to its medium-term upside bias as long as support 1.1031 holds on a daily basis, below this level will turn outlook neutral and bring consolidations for retesting 1.0955 levels before the next possible rise.
Note that the pair has breached above the 1.1173 levels but failed to sustain its gains above 1.1173 !!!
Now let’s highlight support and resistance levels : 1.0650 , 1.0780 , 1.0858,1.0953 , 1.1031 , 1.1173 , 11290 , 1.1355 ,1.1447
Current ,market price : 1.1155…
How the Canadian GDP would affect the USDCAD :
- A reading within expectations of around 0.2% – 0.3% will bring consolidations or small gains, buying on dips still recommended.
- A reading below zero will push the pair above the 1.1173 levels and open the 1.1290/1.1355 levels.
- A reading above 0.4% will suggest that rise from 1.1031 is over around 1.1173 levels, If seen, the pair is likely to spike above the 1.1173 levels before falling towards 1.1031 levels…
Live Chart of USDCAD
Daily Chart Of USDCAD