During European afternoon trade Canadian dollar registered gradual expansion against its US counterpart, after the release of strong data, regarding Canadian GDP.
USD/CAD dropped to 1.0310, from previous levels around 1.0330-1.0339. Support was expected at 1.0285-1.0265, while resistance was to be encountered at 1.0365-1.0385.
Minutes ago official report stated that Gross Domestic Product (GDP) in Canada registered a rise by 0.2% during March on a monthly basis, while previous period change showed a 0.3% increase. Annually, Canadian GDP grew by 1.7% during March, exceeding the projected rate of 1.5% increase, and confirming the growth rate during the previous period. During Q1 2013 GDP recorded a 2.5% rise compared to Q4 2012, far above in comparison with Q4/Q3 2012 change, a 0.6% increase.
Meanwhile, in United States consumers spent less during April, compared to previous month, while personal income remained unchanged.
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