AUGUST GDP MISSES EXPECTATIONS

The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $54.12 and gold is at $1,273. US futures are higher. Today Canada released GDP data for August.

The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2917. Support is at 1.2845.

The Canadian dollar is lower once again this morning, testing recent lows. GDP data for August failed to meet expectations, with the Canadian economy contracting 0.1% in August against expectations of a 0.1% increase. Recent economic data has been substandard; however, the Canadian economy still looks poised for a strong year based on very promising results from H1 2017. There are no domestic releases scheduled for the remainder of today’s session.

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