Daily Forex Commentary March 1, 2010

March 1, 2010

Better than Expected Canadian GDP Pressures USD CAD

The USD CAD fell sharply lower after a report showed that the fourth quarter Canadian GDP grew faster than economists forecast. Traders erased an earlier gain after the GDP report
showed that the economy expanded by 5% versus pre-report guesses of 4.2%.

This morning’s better-than-expected GDP report indicates that the economy has enough positive momentum to perhaps trigger a more hawkish statement from the Bank of Canada at Tuesday’s
policy meeting. This robust report could …

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