We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
Oil - US Crude
More View more
Real Time News
  • Join analyst @DavidJSong at 5:30 PM ET/10:30 PM GMT for your weekly update on key news trading events. Register here: https://t.co/gBlrRpCc55 https://t.co/2B8CdSgkuq
  • The Aussie sell-off halted at key lateral support this week and puts the focus on a break of this key range. Here are the levels that matter on the AUD/USD weekly chart. Get your $AUDUSD technical analysis from @MBForex here: https://t.co/rU4u1tMlmz https://t.co/QbyxUrDq1a
  • The $JPY market faces a clear disconnect between domestic economic data and monetary policy. What if that were to change? Get your market update from @DavidCottleFX here:https://t.co/4Gr8tLaHvj https://t.co/0eXMv5CTnd
  • #Forex Forecast via @DailyFX: US Dollar Technical Outlook on $DXY, $AUDUSD, $USDCAD, $USDJPY & $EURUSD Full Analysis ⬇️ https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2019/11/17/usd-price-us-dollar-chart-forecast-dxy-audusd-usdcad-usdjpy-eurusd.html
  • Further escalation in Hong Kong will likely bode poorly for risk appetite https://t.co/0NjUd3ahBu
  • How should you trade around event risks and what steps can you take to improve your trading psychology? Find out from @JoelKruger, a trading consultant and mentor. Only on Global Markets Decoded. Missed the episode? Read up here:https://t.co/JWIGJk4vKa https://t.co/WB39x4GP99
  • Poll - Does your personality match your #tradingstyle? Vote and find out from @WVenketas here: https://t.co/vREsUIWSJd https://t.co/Ft0ExAmMpq
  • #Dow Jones hits record high, however, central bank liquidity prompts volatility implosion. #FTSE 100 among underperformers with focus remaining on politics. Get your #equities market update from @JMcQueenFX here: https://t.co/EOFleGSeBp https://t.co/ecAyfSUeAM
  • RT @C_Barraud: 🇪🇺 #ECB’s Muller Says More Assets Could Join Stimulus List in Slump - Bloomberg https://t.co/roGEgu0VTQ
  • With increasing volatility in weather patterns, how might storms, hurricanes and floods rattle the supply chain for petroleum-based products and impact crude oil prices? Find out from @JStanleyFX here:https://t.co/O4dgBl47fq https://t.co/OQYqZAYt9S
Canadian Q3 GDP Release May Boost Flagging Canadian Dollar

Canadian Q3 GDP Release May Boost Flagging Canadian Dollar

2018-11-30 12:00:00
Nick Cawley, Analyst

Canadian Q3 GDP and Canadian Dollar (CAD)

  • Third-quarter growth should stay around 2%.
  • Canadian dollar may get a boost after oil slump stalls.

We have just released our New Q4 Trading Forecasts including CAD and EUR.

Canadian Dollar Needs a Boost After Oil Slump Weighs on the Loonie

The latest set of Canadian GDP releases are out at 13:30 GMT and may provide a stabilizer for the currency after a tough few weeks. The Q3 annualized rate is expected to drop from 2.9% to 2.0% after the second-quarter figure was boosted by energy exports and personal consumption. A print at or above 2% would help to underpin expectations of higher Canadian rates in 2019 with the market currently showing a 0.25% hike in January priced-in.

Canadian Q3 GDP Release May Boost Flagging Canadian Dollar

The Canadian dollar has been under selling pressure in the past few weeks due to the slumping price of oil. Ahead of this weekend’s G20 meeting, and helped by supportive commentary from Russia, oil has stabilized at these lower levels and may push back, especially if the ongoing US-China trade spat calms. The December 6 OPEC meeting is the likely date when production cuts, if any, are announced.

The latest EURCAD chart now shows the pair touching the downtrend started in late-June around 1.5140 with further upside running into resistance at the 200-day moving average at 1.5186. On the downside, support starts at 1.5014 ahead of 1.4986 – 20- and 5-day moving averages – before the 50% Fibonacci retracement level at 1.4908.

How to Trade Crude Oil – Trading Strategies and Tips.

EURCAD Daily Price Chart (October 2017 – November 30, 2018)

Canadian Q3 GDP Release May Boost Flagging Canadian Dollar

IG Client Sentiment Datashows how investors are currently positioned in a wide-range of currencies, commodities, cryptos and indices. Sign up to see how they can give you extra market knowledge.

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on EURCAD – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at [email protected]or via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.


News & Analysis at your fingertips.