CAD went down versus USD, EUR, and GBP after release of GDP data
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Daily Currency Update
The Canadian dollar weakened against major counterparts, reflecting the impact of both economic data and commodity price movements on the Canadian dollar's position in the global market. GDP data came in below expectations, showing a growth of 0.2% compared to the anticipated 0.3%, indicating a slight economic slowdown. Additionally, oil prices have experienced a decline of approximately 1.84%, currently standing at 81.10, which weighs on the CAD given Canada's reliance on oil exports.Key Movers
German Preliminary GDP q/q data exceeded expectations, showing a growth of 0.2% compared to the anticipated 0.1%. However, this positive indicator is countered by higher-than-expected German Unemployment Change, with 10,000 more individuals unemployed than the forecasted 7,000.At of the latest update, the GBP is up against the Canadian Dollar (CAD) but down against the USD and the Euro (EUR). This mixed performance of the GBP may contribute to varied movements in the CAD's exchange rates against different currencies in the market.
Recent data releases contributed to a rise in demand for the US dollar. The Employment Cost Index exceeded expectations, showing a 1.2% change compared to the anticipated 1%. Similarly, the S&P/CS Composite-20 HPI revealed a higher-than-expected increase in single-family home selling prices, reaching 7.3% instead of the forecasted 6.7%. However, the Conference Board Consumer Confidence fell short of expectations, registering at 97 rather than the anticipated 104.
Expected Ranges
- EUR/CAD: 1.4635 - 1.4727 ▲
- GBP/CAD: 1.7140 - 1.7228 ▲
- AUD/CAD: 0.8920 - 0.8974 ▼
- USD/CAD: 1.3656 - 1.3754 ▲