
The most impactful releases of this week will fill the market with volatility and sharp movements. Be ready to take action!
Statistics Canada will announce the change in Gross Domestic Product on March 31. This release, published 60 days after the month ends, shows the change in the inflation-adjusted value of all Canadian goods and services. Gross Domestic Product is one of the best indicators of a country’s economic performance. The faster the country’s GDP grows, the faster the standard of living of its inhabitants raises. The economic stronger growth, in turn, means higher demand for the currency, i.e., for the Canadian dollar.
As a significant oil exporter, Canada tends to benefit from higher energy prices. Another positive factor is the ease of Covid. The Bank of Canada claims that the first-quarter growth seems to be more solid than expected. However, the war in Ukraine will likely lead to higher inflation and slower growth for the global economy this year, and Canada may be affected in particular. So far, the CAD hasn’t benefited much from the surge in oil prices. The energy sector’s role in Canada’s GDP may also decline, while industries such as aerospace, motor vehicles, and machinery suffer from the increased costs.
According to the March 1 release, the GDP remains unchanged. In other words, the Canadian economy stagnated. Even though analysts predicted such an outcome, the CAD reacted negatively. For example, USDCAD increased 0.72%.
A higher-than-expected reading will be bullish for the CAD, while an opposite reading is bearish for the currency.
Check the Economic Calendar.
Instruments to trade: USDCAD, EURCAD, CADJPY.
The most impactful releases of this week will fill the market with volatility and sharp movements. Be ready to take action!
We prepared an outlook of major events of this week. Check it and be ready!
Here you'll find what awaits the market this week, from the CPI release to a possible gold plunge.
Inflation in Europe was released better than the forecast. The preliminary fact was published at 4.3%. What's happening in the markets?
XAUUSD fell below 1900 for the first time since March 2023. Meanwhile, the US dollar index gives a bearish signal. Read the full report to learn more!
Oil prices are rising while the US government is on the verge of shutting down. How will it affect the market?
FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.
Your request is accepted.
A manager will call you shortly.
Next callback request for this phone number
will be available in
If you have an urgent issue please contact us via
Live chat
Internal error. Please try again later
Don’t waste your time – keep track of how NFP affects the US dollar and profit!