THE KEY ECONOMIC EVENT THAT WE ARE FOCUSING ON FOR THIS WEEK IN THE FOREX MARKET.
1. Wednesday - CAD Interest Rate @3pm
2. Thursday - US GDP Q/Q 2nd Est @1:30pm
3. Friday - CAD GDP M/M @1:30pm
CANADA INTEREST RATE- The Bank of Canada will release its interest rate on Wednesday. The market expects the BoC to leave policy unchanged with the Overnight rate at 1.75% despite economic indicators like employment and inflation showing positive sign. Policymakers said that an accommodative policy interest rate continues to be warranted. The Committee added that they will be evaluating the appropriate degree of monetary policy accommodation depending on developments, which include household spending, oil markets, and global trade policy.
US GROSS DOMESTIC PRODUCT - The United state will release its 2nd estimate data for gross domestic product quarter of quarter on Thursday. The gross domestic product is expected to show a 3.1% growth which is higher than the 2.2% in the prior month. A better than expected outcome will strengthen the USD while a weaker than expected will be negative for USD.
CANADA GROSS DOMESTIC PRODUCT - Canada will release its gross domestic figure for month of month on Friday. The gross domestic figure is projected to increase by 0.2% which is a bit higher than the -0.1% in the prior month. A better than projected estimate would be positive for the CAD while a worse than projected estimate would be negative for Loonie.