All eyes on Canadian GDP

All eyes on Canadian GDP

Canadian GDP growth will be released on Friday, May 29, at 15:30 MT time.

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

The growth rate of a nation’s Gross Domestic Product, also known as GDP, is one of the most important indicators for each currency. Canadian economy stagnated in February after three months of growth. This time we’ll get the figures for March. It’s quite clear that the coronavirus had its devastating impact on the data. The bigger the contraction in Canada’s GDP, the more traders will decide to sell the Canadian currency.  

If the figure is better-than-thought, the CAD will rise.

Otherwise, the CAD will fall.

Check the economic calendar

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

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