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BREAKING: CAD drops after August GDP miss

1:32 PM 31 October 2023

Canadian monthly GDP report for August was released today at 12:30 pm GMT. Report was expected to show a 0.1% MoM expansion of the Canadian economy, following a lack of growth (0.0% MoM) in July. However, actual data showed the Canadian economy stagnating and showing no growth (0.0% MoM) for another month in a row. CAD saw a negative reaction to the release with USDCAD moving higher in a knee-jerk move.

USDCAD gained after Canadian GDP release and continues to move higher towards the short-term trendline. Source: xStation5

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