Canada Gross Domestic Product
Quarterly GDP Annualized (Q1)
GDP M/M (March)
GDP Y/Y (March)
The Canadian economy suffered the worst quarterly growth in over a year, according to Statistic Canada's release of gross domestic product for the first quarter of this year. The 1.2% economic expansion also disappointed expectations and the growth rate in the final quarter of 2013 was also revised lower.
However, the Canadian Dollar still lost over 20 pips against the US Dollar in
USD/CAD may next find resistance by the weekly high at 1.0886. Currency Strategist Ilya Spivak says a USD/CAD reversal above a key Fibonacci level at 1.0850 targets the 1.0880-85 zone.