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Canadian GDP +0.2% as expected; USD/CAD rising on US GDP

GDP in Canada was expected to rise by 0.2% in May after +0.1% in April. This is the second release for Q1. The year on year number is +1.6%, as expected as well.

USD/CAD traded above 1.03, falling on the good ADP Non-Farm Payrolls publication in the US.

At the same time, also the US released its GDP figure, which exceeded expectations and rose by 1.7% on an annual basis.

Earlier, also the US ADP Non-Farm Payrolls came out stronger than expected, at +200K. So, the move in USD/CAD is more related to the strength of the US dollar than the weakness of the Canadian one.

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.