NEW YORK (Forex News Now) – Statistics Canada is due on Tuesday to publish data on September growth in Gross Domestic Product, in a major realtime forex news event.
The data is expected to show that GDP grew by just 0.1% in September, down from a rise of 0.3% in August, according to two major online FX trading outlets.
Canada is different from most other countries in that it releases GDP data on a monthly basis, rather than on a quarterly basis. This latest report is scheduled for release at 1:30 P.M., GMT.
The figures are the primary gauge of economic health and as such should have an impact on currency market trading.
According to USD/CAD analysis, a higher-than-expected rise in GDP should push the currency pair toward key resistance at around 1.0263, the high from last Tuesday.