Canada GDP m/m 01/29/10

8:30am NY Time Canada GDP m/m   Forecast 0.3%      Previous 0.2%
ACTION: USD/CAD         BUY 0.0%     SELL 0.6%

We’ll be looking at the Canadian GDP release (m/m) today, and GDP is defined (by wikipedia) as “the market value of all final goods and services produced within a country in a given period of time. It is also considered the sum of value added at every stage of production of all final goods and services produced within a country in a given period of time.”  As GDP is basically the measurement of the “economy” as a whole and it certainly has a strong impact on the cash rate of the CAD, it’ll be a highly anticipated news event… with that being said however, we’ll also have the USD quarterly advanced GDP release at the same time… The whole world will be focused on that release, therefore I’d definitely look at the US release first before jumping in any trades…

Provided that the US GDP number comes out as expected, we’ll be looking for a +0.6%  (or better) or a 0.0% (or worse) of actual release figure based on the expected 0.3%.  If we do get a 0.6% on the monthly GDP, it would be Canadian Dollar positive and we should look for entries to SELL USD/CAD or EUR/CAD; if we get a 0.0% release, then we should consider BUYING USD/CAD or EUR/CAD.

Related posts:

1. Canada GDP (Gross Domestic Product) m/m 10/30/09
2. Canada GDP m/m 11/30/09
3. Canada GDP m/m 08/31/09
4. Canada GDP m/m (Gross Domestic Product) 09/30/09
5. UK Revised GDP q/q 11/25/09
6. UK Final GDP q/q 03/30/2010
7. UK Revised GDP q/q 02/26/2010
8. UK Revised GDP q/q 05/25/10
9. Australia GDP q/q 12/15/09
10. Forex News Trading UK Revised GDP q/q 11/24/10

Tagged as: Bearish Trend, CAD, Canada Gdp, Canadian Dollar, Canadian Gdp, Consumer Spending, economy, Fundamental News, fundamental outlook, GDP, Gross Domestic Product, Inflation, Interest rate, monetary policy, month on month, news event, Ny Time, Time Canada