The USD/CAD pair gained nearly 100 pips in a matter of minutes after the data published by Statistics Canada revealed that the Canadian economy contracted 0.1% on a monthly basis in December.
The report showed that the real GDP's annual growth rate in the fourth quarter slumped to 0.4% from 2% in the third quarter and missed the market expectation of 1.2%.
And there was big drop of West Texas oil Prices.
Buyers can sit comfortably if the US Dollar index strengthens further and oil prices drop to the $50 area .
From my point of view trading this pair will be supported by fundamentals and the pair is set to retest the 1.34 range within the month of March >' '<
The report showed that the real GDP's annual growth rate in the fourth quarter slumped to 0.4% from 2% in the third quarter and missed the market expectation of 1.2%.
And there was big drop of West Texas oil Prices.
Buyers can sit comfortably if the US Dollar index strengthens further and oil prices drop to the $50 area .
From my point of view trading this pair will be supported by fundamentals and the pair is set to retest the 1.34 range within the month of March >' '<