The Fed can start tapering already this November, oil is rallying pushing the Canadian dollar up! Jump in to know more!
Is the Canadian economy recovering?
Canada will publish the monthly GDP growth on October 30 at 14:30 MT time.
Instruments to trade: USD/CAD, CAD/JPY, EUR/CAD
GDP is one of the most important indicators of the economic activity of a country. It represents the inflation-adjusted value of all goods and services produced by the economy. According to September’s release of Canadian GDP growth, the supportive measures by the government and the Bank of Canada helped the Canadian economy to recover. The indicator advanced by 3% (vs. the forecast of 2.9%). This was the fourth in a row bigger-than-expected release of the Canadian GDP. The Canadian dollar strengthened significantly after the release.
- If the GDP growth is higher than the forecast, the CAD will rise;
- If the GDP growth is lower than the forecast, the CAD will fall.
Quadruple witching is gone and now there are no reasons for the market to hinder. From banks statements and economic data to gas storage reading and Fed’s Powell speech – get ready for active trading.
Canada will release its inflation rate in different forms, including Common, Median, Trimmed, Core, and All items CPI on September 15, 15:30 GMT+3.
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