Forex: Canada GDP up by 0.5%

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The Gross Domestic Product figures for the month of January in Canada have been announced by the Canadian Statistics Agency. According to the figures the GDP rose by 0.5% in the month which was exactly what the market expected. Prior to this news announcement the Canadian Dollar made significant gains over the US Dollar with the USDCAD pair going as low as 0.9683. This was a near three week low for the currency pair. Following the announcement the pair bounced back to 0.9710 levels and traded within a 10 pip volatility level.

The Gross Domestic Product index is a way of measurement of the total value of all goods and services produced by a country. The GDP is regarded as a broad measure of a country’s economic activity and health. Usually a high, reading would be associated by bullish behavior of the country’s associated currency .The USDCAD pair is currently traded at 0.9715