{"id":132900,"date":"2018-08-31T10:12:58","date_gmt":"2018-08-31T14:12:58","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=132900"},"modified":"2018-08-31T07:15:03","modified_gmt":"2018-08-31T11:15:03","slug":"usdcad-forex-analysis-improving-canadian-economic-data-bearish-for-usdcad","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/08\/usdcad-forex-analysis-improving-canadian-economic-data-bearish-for-usdcad\/","title":{"rendered":"USDCAD Forex Analysis – Improving Canadian economic data bearish for USDCAD"},"content":{"rendered":"
August 31, 2018<\/div>
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By IFCMarkets<\/a><\/p>\n

Improving Canadian economic data bearish for USDCAD<\/strong><\/p>\n

Second quarter Canadian GDP growth was higher than the economic growth in Q1. Will the USDCAD <\/a> slide continue?<\/p><\/blockquote>\n

Economic data released in Canada in recent weeks were positive. Trade deficit in goods narrowed more than expected in June: to C$ 0.63 billion from C$2.72 billion. Unemployment in July also declined more than expected: to 5.8% from 6% in June. Meantime inflation rose to 3% in July when a steady 2.5% inflation was forecast. And second quarter GDP growth was higher than in the first three months of 2018 \u2013 2.9% over the same period a year ago versus 1.3% in Q1. Improving Canadian economic performance is bullish for USDCAD.<\/p>\n

\"USDCAD\"<\/p>\n

On the daily timeframe USDCAD: D1 <\/b> is trading with negative bias after hitting twelve-month high in the end of June. The price has returned above the 200-day moving average MA(200) after testing it.<\/p>\n