12:32 PM · 31 May 2023

BREAKING: USDCAD dips after Canadian GDP beat

USDCAD pulled back following the release of Canadian GDP data for Q1 2023 at 1:30 pm BST today. Report showed annualized growth of 3.1% in Q1 2023 while the market expected 2.5%. GDP for March was 1.7% YoY higher (exp. 1.8%) and flat month-over-month (exp. -0.1% MoM). This is clearly CAD-positive reading with annualized growth accelerating off the -0.1% reported for Q4 2022 (revised lower from 0.0%).

USDCAD is pulling back from the 1.3650 resistance zone following better-than-expected GDP reading from Canada. Source: xStation5

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