A little change in USD/CAD after GDP report of Canada


Dec 01, Forex:  The impact of the data release of the economy of Canada this Tuesday was very little on the position of the greenback. The data reflected that after an unexpected contraction of the economy, it expanded over the third quarter.

USD/CAD was recorded at 1.3390 at the earlier part of the day and later on got consolidated at 1.3365.

USD/CAD was trying to find support at 1.3286, Friday low and resistance at 1.3437, the high of November 23 and a one-month high.

According to the report presented, the country marked a dip of 0.5% in its gross domestic product in the month of September and then an increment of 0.1% in last month.

The year-on-year growth of the country’s economy was noted at 2.3% of an annual rate whereas the expectations were at 2.4%.

The USD remained strong with the expectations of interest rates hike in the month of December.