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Business / Finance

The canadian dollar rose in light of strong GDP data for Canada

The RSS feed "News line of Forex" 29.11.2019 at 18:34

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Canadian dollar rose against its major rivals in European deals on Friday, as in the third quarter the canadian economy grew because of growth in business investment and household spending.

Data from Statistics Canada showed that real GDP increased 0.3 percent after rising 0.9 percent in the second quarter.

on a yearly basis, GDP expanded 1.3 percent in the third quarter after rising a revised 3.5 percent in the previous quarter. Economists had forecast an increase in GDP at 1.4 percent.

on a monthly basis, gross domestic product rose 0.1 percent, the same as in August, short of expectations.

Separate data showed that the price index for manufactured goods in October rose more than forecast mainly due to rising prices for energy and petroleum products.

IPPI rose by 0.1 percent in October after falling 0.1 percent in the previous month. The forecast was made in respect of the zero dynamics.

the Canadian currency fell against its major rivals in the Asian session due to concerns that the laws of the United States, expressing support for the protesters in Hong Kong could undermine the negotiations on the trade deal.

Continuing the ascent, the canadian dollar rose to a 2-day high against the Euro at 1,4600 with the closing values on Thursday 1,4621. The loonie is likely to find resistance around the 1.42 level.

Data of the Federal employment Agency showed that unemployment in Germany fell markedly in November.

the Number of people unemployed fell by 16 000 with a seasonally adjusted basis after rising by 5,000 people a month ago. Economists had forecast an increase of 6 000 people.

After 2-day fall to 0,9009 at 6:15 am et, the canadian dollar changed direction against the Aussie, the pair was trading at the level of 0,8999. If the currency continues to grow, the next resistance level of 0.88 will be.

Data from the Reserve Bank of Australia revealed that in October the annual growth of credit to the private sector Australia has slightly slowed.

the private sector Lending in October rose 0.1 percent from the previous month after rising 0.2 percent in September. Economists had expected growth of 0.3 percent.

the loonie reversed from early 3-day low 1,3309 against the greenback, recovering to 1,3288. On the other hand, 1.30 can be seen as the next resistance level for the canadian currency.

the Canadian dollar rose to 82,48 against the yen, near 2-day high of 82.51 installed in the Asian session. Next key resistance for the loonie is the mark 84.00.

Data of the Ministry of economy, trade and industry showed that industrial production in Japan fell in October more than forecast, indicating a marked contraction in the fourth quarter. p>

the Volume of industrial production in October declined by 4.2 percent compared to the previous month, in contrast to rising 1.7 percent in September. Economists had forecast a moderate decline of 2 percent.