Canada reported a growth rate of November as expected, following a solid 0.3% growth rate in October. GDP growth is reported once per month, contrary to most countries that publish these figures on a quarterly basis.
USD/CAD was trading on high ground towards the publication, at around 1.1190. The 1.12 level looms. USD/CAD now edges higher.
At the same time, the US also released a wide variety of figures. Personal spending came out at 0.4%, double the expectations, and the employment cost index rose by 0.5%, better than 0.4% predicted. However, personal income remained flat, short of expectations for a rise of 0.2%.
The Canadian dollar suffered a big sell off at the beginning of 2014. The recent jobs report was awful, and the central bank moved to the dovish side. USD/CAD made a move above 1.10 and later continued and conquered the strong resistance of 1.1124. The 1.1111 level on USD/CAD is 0.90 on CAD/USD.
For more lines, analysis and events, see the Canadian $ forecast.
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