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Home » Forex and Currency News » Canadian dollar advanced against US counterpart on positive GDP data

Canadian dollar advanced against US counterpart on positive GDP data

Written by Miroslav Marinov
Miroslav Marinov
Miroslav Marinov, a financial news editor at TradingPedia, is engaged with observing and reporting on the tendencies in the Foreign Exchange Market, as currently his focus is set on the major currencies of eight developed nations worldwide.
, | Updated:

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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