Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Forex - USD/CAD slides lower after U.S. GDP data

Published 02/27/2015, 09:27 AM
Updated 02/27/2015, 09:27 AM
© Reuters.  Greenback falls against loonie as GDP data weighs

© Reuters. Greenback falls against loonie as GDP data weighs

Investing.com - The U.S. dollar slid lower against its Canadian counterpart on Friday, as demand for the greenback weakened after data showed that the U.S. economy grew less-than-expected in the last quarter.

USD/CAD hit 1.2450 during early U.S. trade, the session low; the pair subsequently consolidated at 1.2492, shedding 0.20%.

The pair was likely to find support at 1.2359, the low of February 17 and resistance at 1.2624, the high of February 23.

In a report, the Bureau of Economic Anaysis said that the U.S. gross domestic product expanded by 2.2% in the fourth quarter of 2014, below initial estimates for a growth rate of 2.6% but above expectations for 2.1%.

The data came a day after separate reports showed that U.S. jobless claims rose more-than-expected last week and U.S. consumer prices dropped more than intially estimated in January, dampening optimism over the strength of the country's economic recovery.

The Canadian dollar shrugged off data on Thursday showing that consumer prices fell 0.2% last month, compared to expectations for a 0.3% decline, after a 0.7% drop the previous month.

Core consumer prices, excluding the eight most volatile items, rose 0.2% in January, exceeding expectations for a 0.1% uptick, after a 0.3% fall.

The loonie was higher against the euro, with EUR/CAD slipping 0.15% to 1.3994.

Later in the day, the U.S. was to release reports on pending home sales, business activity in the Chicago region and consumer sentiment.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.