Arguably, the most prominent event that is scheduled for this week is the monthly change in the Canadian Gross Domestic Product that has been recorded for December of 2019.
Statistics Canada is going to release its most recent GDP data on Friday, with the consensus forecasts projecting only a marginal improvement. The economy is anticipated to have grown by 0.1 per cent in the last month of 2019.
Canada m/m GDP. Image source: TradingEconomics.com
Since the economic report would be covering the period prior to the outbreak of the coronavirus, the results are not going to be impacted by the currently ongoing slump in international trade.
The following report, however, could reflect the discrepancies in trade and the global supply networks, which is owing to the combined efforts of multiple governments to curb the spread of the novel virus by restricting travel and shipping.
Therefore, the Canadian dollar is unlikely to be impacted negatively following the release of Friday’s report, however, similar headwinds could exert some negative impact on the currency in the midterm, as the situation continues to develop.
Meanwhile, the USDCAD is struggling to preserve the bullish momentum in the short-term after the price managed to break out above the minor resistance (currently support) level at 1.32666. Despite the bearish crossover on the MACD, the hammer candlestick signifies the strong support.
USDCAD 1H Price Chart. Image source: Trendsharks ©, created with TradingView.com
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