Canadian GDP Missed, USD/CAD Surges
The round of data from North America was published a while ago and as you can see from the price action in USD/CAD, the data was negative
The round of data from North America was published a while ago and as you can see from the price action in USD/CAD, the Canadian data was disappointing. In fact, the figures from the US were disappointing too as well.
The US core durable goods orders declined by 0.1% but last month’s numbers were revised higher. On the other hand, personal income missed expectations but personal spending doubled from last month. These numbers have left USD traders uncertain what direction to take.
The CAD traders on the other hand, have a reason to become active. They got carried away yesterday after the positive inflation (CPI) and retail sales report. I guess they were expecting some decent GDP numbers today.
Jumping from the bottom of the range again
Canadian GDP number was flat, as opposed to a 0.2% increase expected. This poured cold water on CAD buyers and now USD/CAD is 100 pips higher. I don’t know if this will change the trend for USD/CAD, but before the release, this pair was near the bottom a two-month range. Now, it has jumped from the bottom, so probably we’re heading back up to the top of it.
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