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Forex News: Loonie Falls After Dismal Canada GDP Data

Loonie Falls After Dismal Canada GDP Data

12/22/2017 - 09:31:00 (RTTNews)

(RTTNews) - The Canadian dollar dropped against its major counterparts in the European session on Friday, after a data showed that Canadian economic growth stagnated in October.

Data from Statistics Canada showed that the GDP was unchanged on a seasonally adjusted monthly basis, following a 0.2 percent growth in September. Economists had expected the economy to expand by 0.1 percent.

On year, GDP grew 3.4 percent in October from 3.3 percent last month. This missed expectations for a 3.5 percent growth.

Oil prices dropped even as Russia's Energy Minister Alexander Novak said that the ongoing global oil output cuts would exit only gradually.

Crude for February delivery dropped $0.33 to $58.03 per barrel.

The currency was trading mixed in the Asian session. While it held steady against the greenback and the yen, it fell against the aussie. Against the euro, the currency rose.

The loonie dropped to a 2-day low of 0.9874 against the aussie, following a high of 0.9801 hit at 8:05 am ET. The next possible support for the loonie is seen around the 1.00 region.

Reversing from an early weekly high of 1.5048 against the euro, the loonie edged down to 1.5169. Continuation of the loonie's downtrend may see it challenging support around the 1.53 mark.

Survey data from the market-research group GfK showed that German consumer confidence is set to improve slightly in January.

The forward-looking consumer sentiment index rose to 10.8 for January from 10.7 in December. The score was forecast to remain unchanged at 10.7.

Having advanced to more than a 2-week high of 1.2698 against the greenback at 8:05 am ET, the loonie reversed direction and weakened to 1.2796. If the loonie falls further, 1.29 is possibly seen as its next support level.

Pulling away from an early high of 89.28 against the yen, the loonie declined to 88.60. The loonie is seen finding support around the 87.00 area.

Looking ahead, University of Michigan's final consumer sentiment index for December is set for release shortly.

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