What will happen? Canadian m/m GDP will be announced at 15:30 MT (GMT+3) on Thursday, September 30…
Will the CAD rise on a strong GDP growth?
Canadian monthly GDP growth rate is announced on Tuesday at 15:30 MT time.
Instruments to trade: USD/CAD; AUD/CAD; CAD/JPY; GBP/CAD
The contraction of 7.2% that was brought by March was the biggest on record for the Canadian economy. However, March was not the last month during which the virus showed its true extent – it was April. Although some sectors such as the stock market already saw signs of recovery, the real economy was still under pressure. The estimation provided by the Canadian office of national statistics is 11% for April – that’s what the market factored in. That’s why a figure at or above this level will push the CAD, while any underperformance will drag it down.
- If the GDP growth is better than expected, the CAD will rise;
- Otherwise, it will fall.
The Fed can start tapering already this November, oil is rallying pushing the Canadian dollar up! Jump in to know more!
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.
The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?
The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).