Forex: USD/CAD plummets to 0.9869 after Canadian data
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USD/CAD
FXstreet.com (Barcelona) - The USDCAD has been one of today's worst performers, crashing over 35 pips in the aftermath of a solid data release in Canada Friday. The pair is currently establishing session lows in the region of 0.9869, which constitutes a loss of -0.57% on the day.
In Canada, Gross Domestic Product (MoM) rose +0.2% in Q2, beating consensus expectations of only +0.1%. In addition, Gross Domestic product (YoY) climbed +2.4% in Q2, which also exceeded its estimates of only +2.2%. Finally, Gross Domestic Product Annualized (QoQ) reported a growth of +1.8% in Q2, besting its projections of +1.6%.
The rising price of crude has also undermined the USDCAD, as it has settled at USD $95.29, jumping +0.71% in these moments. Having already crashed through support at 0.9900, the pair is trading near calculated support at 0.9970. A breach of this level will enable the additional support of 0.9825, according to the technical analysts at ICN.com.
In Canada, Gross Domestic Product (MoM) rose +0.2% in Q2, beating consensus expectations of only +0.1%. In addition, Gross Domestic product (YoY) climbed +2.4% in Q2, which also exceeded its estimates of only +2.2%. Finally, Gross Domestic Product Annualized (QoQ) reported a growth of +1.8% in Q2, besting its projections of +1.6%.
The rising price of crude has also undermined the USDCAD, as it has settled at USD $95.29, jumping +0.71% in these moments. Having already crashed through support at 0.9900, the pair is trading near calculated support at 0.9970. A breach of this level will enable the additional support of 0.9825, according to the technical analysts at ICN.com.
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