Will the US economy help the greenback?
The United States will release the advance GDP growth rate for the previous quarter on July 30, at 15:30 MT time.
Canadian GDP: the end of loonie’s consolidation?
Canada will announce its monthly GDP on July 31, at 15:30 MT time.
Instruments to trade: USD/CAD, CAD/JPY, EUR/CAD
The gross domestic product measures the change in the value of the goods and services produced by the economy. Also, it tends to move the domestic currency pretty much. Last month, the Canadian dollar appreciated right after the release. Though the figures signaled that the economy was weak, they came out better than the forecasts (-11.6% vs. -12.5% expected). Prepared for the worse, traders started to buy the CAD against other currencies. That’s why it’s a good chance for trading the CAD on Friday.
- If the indicator is higher than the forecasts, the CAD will go up;
- If the indicator is lower than the forecasts, the CAD will go down.
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USD: waiting for the reaction of the US purchasing managers
The United States will publish ISM manufacturing PMI on April 1, at 17:00 MT time.
Will the GDP growth strengthen the CAD?
Canada will publish the monthly GDP growth on Tuesday, at 15:30 MT time.
Latest news
Big day for USD
The US NFP will be published on August 7 at 15:30 MT time.
Main market movements on August 6
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.
GBP is in focus
Follow the BOE monetary policy and rate statements on August 6 at 14:00 MT time…
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