Canadian Dollar hung near recent lows despite GDP uptick
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The Canadian Dollar shed 0.2% on Monday despite CAD data beats. Canada saw a rebound in GDP growth figures, as well as easing inflation metrics. A holiday-crimped trading schedule and declining US Durable Goods Orders keep bulls at bay. The Canadian Dollar (CAD) shed roughly one-fifth of one percent against the Greenback on Wednesday. Risk sentiment is easing to kick off the new trading week, with the safe haven US Dollar catching a bid and market flows drying up ahead of the Christmas holiday. Canada’s October Gross Domestic Product (GDP) rose to its highest point since June, beating forecasts, and the Canadian Raw Material Price Index fell back more than expected in November. US Durable Goods Orders contracted sharply in November, falling at their fastest rate MoM since July. Daily digest market movers: Market volumes wane ahead of Christmas holiday Canadian GDP rose 0.3% MoM in October, over and above the forecast decline of 0.1%. September’s print was also revised to 0.2% from 0.1%. Canada’s Raw Material Price Index contracted 0.5% in November, sharply lower than the previous month’s 4.0% upswing and falling even further below the expected 0.6% increase. Despite the sharp drag on raw materials, Canadian Industrial Product Prices rose 0.6% in November, less than the previous month’s 1.2% but above the forecast 0.3%. Despite improving Canadian growth and inflation figures, overall market sentiment remains hobbled by holiday market volumes and a broad miss in US Durable Goods Orders. US Durable Goods Orders contracted by 1.1% in November, falling sharply below the forecast -0.4% and walking back the previous month’s revised 0.8% upswing. Canadian Dollar price forecast The Canadian Dollar (CAD) continues to show no sign of internal strength, languishing near the 1.4400 handle against the US Dollar and splashing around multi-year lows. USD/CAD remains well-bid, and the…
Filed under: News - @ December 23, 2024 8:26 pm