An index that will rock USD
The United States will publish the ISM Non-Manufacturing PMI on Thursday, January 6, at 17:00 GMT+2 (MetaTrader time).
Will the Canadian dollar rise?
The Canadian monthly GDP is announced on Wednesday at 15:30 MT time.
Instruments to trade: USD/CAD, EUR/CAD, CAD/JPY, CAD/CHF
In September, the Canadian economy grew 0.8% against the value of August. That’s a slightly weaker performance after 0.9% the month before, and significantly weaker than 2.5%, 6.2%, and 4.6% in the previous months consecutively. And the thing is, it’s not bad news: a developed country rarely sees figures higher than 1% of economic growth month over month. So seeing the GDP slowly calm down should mean that the Canadian economy is most probably getting back to normal. That’s a strategic view though. In the short-term, on the day of the GDP announcement, the market will move according to its expectations. If the GDP is better than thought, the market will push the CAD; otherwise, it will drag it down.
- If the GDP outperforms expectations, that may push the CAD.
- If the GDP underperforms, the CAD may go down.
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The Federal Reserve (FOMC), US central bank, will publish its December meeting minutes on Wednesday, January 5, at 21:00 GMT+2 (MetaTrader time).
To Hike or Not to Hike?
Bank of Canada (BOC) will make a statement on December 8, 17:00 GMT+2.
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