Forex Market: USD/CAD daily trading forecast

Yesterday’s trade saw USD/CAD within the range of 1.2507-1.2678. The daily high has also been the highest level since March 18th 2009, when a high of 1.2755 was recorded. The pair closed at 1.2617, gaining 0.64% on a daily basis.
At 9:20 GMT today USD/CAD was up 0.28% for the day to trade at 1.2652. The pair broke the first key weekly resistance level and touched a daily high at 1.2663 at 9:05 GMT.

Fundamentals

United States

Gross Domestic Product – preliminary estimate The preliminary estimate of the US Gross Domestic Product probably pointed to an annualized rate of growth of 3.3% in the fourth quarter of the year. The final GDP estimate for Q3, reported on December 23rd, pointed to an annual growth of 5.0%. The latter has been the highest growth rate since Q3 2003, which reflected an upturn in consumer spending and investment. Real personal consumption expenditures rose 3.2% in the third quarter, compared to a 2.5% increase in Q2. Real non-residential fixed investment increased 8.9% in Q3, following an increase of 9.7% in the second quarter. Real exports of goods and services were up 4.5% in the third quarter, compared to an increase of 11.1% in Q2, while real federal government consumption expenditures and gross investment expanded 9.9%, after a decrease of 0.9% in the second quarter, according to data by the US Department of Commerce.
In quarterly terms, US economy probably expanded 1.0% in Q4, following a final growth rate of 1.4% in Q3, which was reported on December 23rd.
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