Thursday ended with the EUR/USD being high above of local resistance of 1.10. What's the target now?
Will the GDP growth strengthen the CAD?
Information is not investment advice
Canada will publish the monthly GDP growth on Tuesday, at 15:30 MT time.
Instruments to trade: USD/CAD, CAD/JPY, CAD/CHF
This is the leading indicator of the economic activity of a country. As it measures the value of all products and services produced by an economy, it plays a significant role in the assessment of economic activity. A higher GDP indicates good conditions of the economy and increases the investment attractiveness of domestic currency. Last time, the Canadian GDP rose by 0.3%. This was a higher level than analysts' expectations of 0.1%. As a result, the Canadian dollar strengthened against other currencies.
• If the actual level of GDP is higher than the forecasts, the CAD will rise;
• If the actual level of GDP is lower than the forecasts, the CAD will fall.
Let’s look what moves the market today.
The European Central Bank will publish the main refinancing rate and make a statement on Thursday, June 4, at 14:45 MT time. Also, the ECB press conference will be later at 15:30 MT time.
EUR and gold moved up