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Canadian GDP Rises 0.1% as expected

Canada’s GDP grew by 0.1%, within expectations. This was the release for the month of April – the first report  for Q1 2013. Canada is apparently growing slowly like the US is.

USD/CAD traded just under 1.05 before the publication and is now sliding a bit lower below 1.0480.

The loonie fell after the big tapering announcement by Bernanke and the subsequent weak retail sales and CPI reports in Canada. The continued growth, even if unsurprising, supports the Canadian dollar.

The Raw Materials Price Index rose by 0.2%, below expectations of +0.5%. The IPPI remained flat. In March, the economy grew by 0.2%. The next big Canadian event is the release of the jobs report next Friday. They jumped 95K last month.

Support appears at 1.0446, and resistance is at 1.0523. For more, see the Canadian dollar forecast.

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.