Navigate Up
Sign In

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


Most Recent Market Updates

November 20, 2017

Natural gas gains 4.4 cents

NYMEX natural gas climbed 4.4 cents higher on Friday.

November 20, 2017

Crude gained $1.41

Crude prompt futures gained $1.41 on Friday to close the day at $56.55.

November 17, 2017

Natural gas falls 2.7 cents

NYMEX natural gas continued it’s decent on Thursday.

November 17, 2017

Crude prices slide $0.19

Crude prompt futures traded in a 69 cent range.

November 17, 2017

USDCAD range bound as Canadian CPI uneventful

Domestically we saw the biggest release of the week a few minutes ago.

November 14, 2017

Natural gas loses 5 cents

Cold weather emerged over the long weekend in the US Midwest to East as anticipated.


Talk to a specialist

GlassdooreSSENTIAL Accessibility™Diversity and Inclusion

About ATB | Contact Us | Find a Branch or ABM | Current Rates | Privacy and Security | Legal | Code of Conduct | Site Map | Supplier Resources

©ATB Financial 2019. All rights reserved. ATB Financial is a trade name/registered trademark.

ATB Financial