A trigger for  loonie’s breakout

A trigger for loonie’s breakout

Do you want to trade the Canadian dollar this week? Take the opportunity and follow the release of Canadian GDP on January 29, at 15:30 MT time!

Instruments to trade: USD/CAD, CAD/JPY, EUR/CAD

This week is full of GDP releases. After the US data, we get the Canadian one. Traders are usually excited for these indicators, as they represent how well an economy is doing in the current conditions. Last month's GDP for Canada was great. It came out at +0.4%, while analysts expected +0.3%. At the same time, it was one of the lowest increases since the economy has started to recover. Despite that, the CAD strengthened that day. Now we are facing a crucial moment for the USD/CAD pair, as it consolidates at the multi-year lows. Thus, a famous question "a breakout or a reversal" of USD/CAD may be answered this Friday.

  • If the GDP is stronger than the forecasts, the CAD will strengthen.
  • A lower-than-expected GDP will weaken the Canadian dollar.

Check the economic calendar

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FED and BOE Make Another Attempt to Beat Inflation
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The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.

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Don’t waste your time – keep track of how NFP affects the US dollar and profit!

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