Canadian Dollar Slides on Weak Canada Economic Growth

Talking Points

• Canada GDP y/y 2.1% in April vs 2.3% expected and 2.1% prior.
• Canadian Dollar Falls vs US Dollar Following the Data Release
• USD/CAD Support Clusters from 1.0634 to1.0673

Canada’s economy was expected to accelerate, but the headline year-on-year output figure recorded at 2.1 percent in April, missing analysts’ expectations calling for a print of 2.3 percent. USD/CAD bounced off support and eyes resistance at 1.0715, according to levels outlined by DailyFX Strategist Jamie Saettele, CMT. Quarter-to-date the Canadian Dollar has strengthened against all its major peers (notably 3.27 percent against US Dollar, 4.05 percent against Euro).

Story: Top Tier Economic Data: RBA, ECB and U.S. Non-Farm Payrolls.

USD/CAD 5-Minute Chart using FXCM Marketscope 2.0

-- Written by David Maycotte, DailyFX Research Team. Questions, comments or concerns can be sent to [email protected].

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