Canada’s Economy Grows 0.1% in October, Inflation is Weak

1

The Canadian economy grew by 0.1% in October. A rise of 0.1% in GDP was expected. The economy stalled in September and dropped by 0.1% in August. While growth is certainly unexciting, Canada maintains a low unemployment rate.

USD/CAD is ticking higher.

Inflation remains tame in Canada: the Consumer Price Index dropped by 0.2%, falling short of expectations for staying flat. Core CPI, which is closely watched by the BOC, remained flat, falling short of expectations for a 0.2% rise.

The Canadian dollar is now weakening against the greenback, with USD/CAD rising to around 0.9920. The pair recently rejected the 0.98 support line.

For more, see the Canadian dollar forecast.

In the meantime, the US published a big bulk of figures, including durable goods orders and personal spending. The figures came out better than expected, but failed to cheer the markets.

Get the 5 most predictable currency pairs

About Author

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 the 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.