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Forex News: Canadian Dollar Strengthens After GDP Data

Canadian Dollar Strengthens After GDP Data

11/29/2019 - 09:34:00 (RTTNews)

(RTTNews) - The Canadian dollar moved up against its major counterparts in the European session on Friday, as the economy expanded in the third quarter driven by higher business investment and increased household spending.

Data from Statistics Canada showed that real GDP increased 0.3 percent, following a 0.9 percent rise in the second quarter.

On an annualized basis, the GDP rose 1.3 percent in the third quarter, following a revised 3.5 percent gain in the previous quarter. Economists had forecast a 1.4 percent growth.

On a month-on-month basis, the gross domestic product rose 0.1 percent, matching expectations and unchanged from August.

Separate data showed that industrial product price index rose more than expected in October, primarily due to higher prices for energy and petroleum products.

The IPPI rose 0.1 percent in October, after a 0.1 percent drop in the previous month. The reading was forecast to be flat.

The currency slipped against its most major counterparts in the Asian session on concerns that the U.S. legislation expressing support for Hong Kong protesters could undermine negotiations on a trade deal.

Extending early rally, the loonie advanced to a 2-day high of 1.4600 against the euro from Thursday's closing value of 1.4621. The loonie is likely to find resistance around the 1.42 level.

Data from the Federal Employment Agency showed that German unemployment declined notably in November.

The number of people out of work declined by a seasonally adjusted 16,000 after rising 5,000 a month ago. Economists had forecast an increase of 6,000.

Following a 2-day drop to 0.9009 at 6:15 am ET, the loonie reversed direction against the aussie with the pair trading at 0.8999. If the currency rises further, 0.88 is possibly seen as its next resistance level.

Data from the Reserve Bank of Australia showed that Australia's private sector credit growth eased marginally in October.

Private sector credit rose 0.1 percent month-on-month in October, following a 0.2 percent increase in September. Economists had forecast a 0.3 percent rise.

The loonie reversed from an early 3-day low of 1.3309 against the greenback, recovering to 1.3288. On the upside, 1.30 is possibly seen as the next resistance level for the currency.

The loonie rose back to 82.48 against the yen, not far from a 2-day peak of 82.51 set in the Asian session. Next key resistance for the loonie is seen around the 84.00 mark.

Data from the Ministry of Economy, Trade and Industry showed that Japan's industrial production declined more than expected in October signaling a notable contraction in GDP during the fourth quarter.

Industrial output plunged 4.2 percent month-on-month in October, in contrast to September's 1.7 percent increase. Economists had forecast a moderate decrease of 2 percent.

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