Canadian GDP overview
Friday's economic docket highlights the release of monthly Canadian GDP growth figures for June, scheduled to be published at 12:30 GMT. Statistics Canada will also release the annualized quarterly growth rate, making this event more significant than the ones including only monthly data. Consensus estimates point to yet another modest expansion of 0.1% during the reported month as compared to 0.2% in May and the annualized growth rate is forecasted to rise sharply to 3.0% during the second quarter of 2019 from 0.4% previous.
As Yohay Elam, FXStreet's own Analyst explained – “Expectations for a robust growth rate of 3% seem justified but concerns about slower growth, later on, trade tensions, and weak oil prices may weigh on the Canadian dollar after the initial positive response. It would take a significant beat to sustain the loonie's rise. In case of a miss, the door to the downside is wide open.”
How could it affect USD/CAD?
Ahead of the key release, FXStreet's own reporter - Anil Panchal offered important technical levels to trade the USD/CAD pair – “A rising trend-line since July-end at 1.3244 becomes near-term key support, a break of which can drag the quote to mid-month low surrounding 1.3185. However, an upside clearance of 1.3345/50 could trigger the pair’s fresh run-up towards 1.3400 and then to June 18 high of 1.3434.”
Key Notes
• Canadian GDP Preview: Upbeat figure may be an opportunity to sell CAD – scenarios
• USD/CAD clings to gains just above 1.3300 handle, Canadian GDP/US data in focus
• USD/CAD Bullish SHS Pattern Needs Stronger Momentum For Uptrend Continuation
About the Canada GDP
The Gross Domestic Product released by Statistics Canada is a measure of the total value of all goods and services produced by Canada. The GDP is considered a broad measure of Canadian economic activity and health. Generally speaking, a rising trend has a positive effect on the CAD, while a falling trend is seen as negative (or bearish) for the CAD.
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