Header help text

Start trading with a free $30

There is no better time than now
Your first deposit is on us


Grab your $30 from XM

Forex Analysis
by ForexNewsNow Team on December 23, 2010

Forecast: Canada monthly GDP expected to rise

NEW YORK (Forex News Now) – Statistics Canada is set to release fresh data on the country’s monthly GDP figures, in the day’s main realtime forex news event affecting the loonie.

The report is expected to show that gross domestic product rose by 0.3% in October, according to at least two major online FX trading news outlets, after falling by 0.1% in September.

The office is scheduled to release the report at 1:30 P.M., GMT, and should have an immediate impact on currency market trading.

However, the release of the report may be overshadowed in North America by the release later in the day in the US of data on initial jobless claims and existing home sales.

According to USD/CAD analysis, a lower-than-expected rise in the Canadian monthly GDP, or even a decrease, could lift the currency pair toward short-term resistance around Monday’s high of 1.0208.

But should the data show a greater-than-forecast rise, USD/CAD could push toward short-term support around the Dec. 14 low of 1.0028.

By ForexNewsNow Team

This is a general account of the ForexNewsNow Team. It is used to published exclusive content carefully crafted by our experts as well as it is used to bring you the most recent industry highlights from our guest contributors that wish to remain anonymous.

More content by ForexNewsNow Team

Comments (0 comment(s))