US dollar failed to trade above 1.2800 against the Canadian dollar, and it looks like correcting lower in the near term after the Canadian GDP released today beats the market forecast.
Canadian Gross Domestic Product released by the Statistics Canada posted a decrease of 0.1% in January 2015, compared to the preceding month whereas the expectation was of -0.2%.
US S&P/Case-Shiller Home Price Indices released by the Standard & Poor's posted an increase of 4.6% vs 4.5% forecast.
US Consumer Confidence released by the Conference Board came in at 101.3 in March 2015.
Canadian GDP (Canadian Dollar)
US S&P/Case-Shiller Home Price Indices (US Dollar)
US Consumer Confidence (US Dollar)
Earlier during the NY session, the Canadian Gross Domestic Product was released by the Statistics Canada, which represents the total value of all goods and services produced by Canada. The market was expecting it to decrease by 0.2% in January 2015, compared to the preceding month. However, the outcome was better than the forecast, as the Canadian Gross Domestic Product decreased by only 0.1%. Although, this was a lot lower when compared to the last reading of 0.3%.
The report stated that the service industries posted a decline of 0.3% in January, which was the first decline since February 2014. One of the main drivers of the decline was decreases in wholesale and retail trade plus fall in transportation and warehousing services. There was a downward contribution from the accommodation and food services as well. There were some sectors like professional services and the finance, which managed to post a rise.
The report further added that the Canadian goods production increased by around 0.3% in January, which was a bit lower when compared to the last 0.4% gain in December. The rise in goods production was driven by increases in oil and gas extraction plus utilities and the agriculture and forestry.
US Consumer Confidence
In the US, the Consumer Confidence was released by the Conference Board. The forecast was slated for a decline from 96.4 to 96.0 in March 2015. However, the outcome was positive, as the Consumer Confidence climbed to 101.3.
The Futures for the Dow Jones Industrial Average was seen trading in red and fell to 17,900, down by around 75 points. The S&P 500 index declined a bit to 2,080.
The USDCAD pair traded lower and tested the 1.2700 support area, down by around 80 pips.
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After tumbling overnight, the dollar strengthened during and after Donald Trump’s first speech as the elected President of the United States
Monday, October 31, 2016 - Stocks were mixed at the end of the day. The Dow Jones Industrial Average closed 0.10% lower at 18,142.42, while the S&P 500 Index rose 0.01% closing at 2,126.15.
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