The United States will publish ISM manufacturing PMI on April 1, at 17:00 MT time.
Canadian GDP: the end of loonie’s consolidation?
Canada will announce its monthly GDP on July 31, at 15:30 MT time.
Instruments to trade: USD/CAD, CAD/JPY, EUR/CAD
The gross domestic product measures the change in the value of the goods and services produced by the economy. Also, it tends to move the domestic currency pretty much. Last month, the Canadian dollar appreciated right after the release. Though the figures signaled that the economy was weak, they came out better than the forecasts (-11.6% vs. -12.5% expected). Prepared for the worse, traders started to buy the CAD against other currencies. That’s why it’s a good chance for trading the CAD on Friday.
- If the indicator is higher than the forecasts, the CAD will go up;
- If the indicator is lower than the forecasts, the CAD will go down.
The United States will release the advance GDP growth rate for the previous quarter on July 30, at 15:30 MT time.
The Federal Open Market Committee will make its statement and announce the interest rate on July 29, at 21:00 MT time.
UK Services and Manufacturing PMIs are announced on Friday at 11:30 MT time.