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Canadian GDP stronger than expected

Posted on: January 31, 2017

The week started off fairly uneventful yesterday, as participants jockeyed for position ahead of the big three Central Bank announcements that began with the Bank of Japan. USDCAD sold off early, breaking back below 1.3100 before rebounding back above into the North American close.

Overnight, the Bank of Japan left rates and monetary policy unchanged, but did lift growth forecasts due to improved global economic conditions and weaker domestic currency. This has USDJPY pushing back toward a 112 handle.

This morning the big data point was Canadian GDP, which came in better than expected (0.4% versus 0.3%) and the previous month was also revised higher, bullish for the Canadian dollar. Broad USD weakness is also helping CAD this morning, as the Trump administration continues to battle with Congress and protestors around the immigration executive order. Last night he relieved the Attorney General and the ICE Chief of their duties for failing to comply and defend the order. USDCAD is pushing through support towards the important 1.3000 level. Significant stops around that level means that it might be quite volatile on either side of the figure.

  • Yesterday’s NA Range 1.3077 – 1.3162
  • Asia Overnight Range 1.3091 – 1.3121
  • London Overnight Range 1.3035 – 1.3124

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