Canadian GDP: the end of loonie’s consolidation?

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.

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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