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Canadian Economy Stalls, US Figures Mixed

The Canadian economy didn’t grow, falling short of expectations for a small monthly growth rate of 0.1%. This is the figure for October, the first month of Q4. The publication casts a shadow on US growth as well, as these economies are well connected.

USD/CAD is ticking up after this release, bouncing off the lows of 1.0180 reached earlier. The moves are limited due to thin pre-holiday trading.

US durable goods orders were positive. The headline figure leaped by 3.8%, stronger than a rise of 2.2% that was expected. Last month’s figure was revised to the upside, from a drop of 0.7% to no change.

Core orders disappointed with a small rise of 0.3%, lower than 0.5% that was expected, but this came on top of an upwards revision for the previous release. The initial release saw a rise of 0.7%, while the updated figure is a rise of 1.5%. So all in all, durable goods orders are OK.

This is part of a big bulk of US news released now. The other part wasn’t that good.

US personal spending  disappointed  by rising by only 0.1%, the same as the previous month, and contrary to expectations for a rise of 0.3%. The same rise of 0.1% was seen in personal income, and also here, expectations stood on a 0.3% gain.

Later, the US will release new home sales, which are expected to tick up. See how to trade this event with GBP/USD.


Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.