Statistics Canada, an official agency of the Canadian Government, will be releasing its newest GDP data, which is adjusted on a monthly basis, this Friday. The general expectation is for the inflation-adjusted value of all goods and services in the Canadian economy to shrink to 0.1 per cent from the previous 0.2 per cent.
Image source: TradingEconomics.com
Despite Donald Trump’s remarks from earlier today who argued via his Twitter account that he had a ‘very good and productive meeting’ with Canadian Prime Minister Justin Trudeau over the weekend, the Canadian economy continues to feel pressure from Trump’s continued unpredictability.
The increased uncertainty in global trade and heightened volatility in oil markets have exerted hampering toll on the Canadian growth, and the primary concern of Canadian officials is that the economy can even contract by the end of the year.
The USDCAD is currently consolidating in a relatively low-volatility environment, with the price forming an ascending triangle on the 1D chart. The GDP report itself is unlikely to cause any significant volatility outbursts; however, it will reveal more insights into the next likely direction for the Canadian economy, which could influence the direction of the pair until the end of the year.
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