Friday October 31, 2008 - 12:18:51 GMT
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Forex News Preview: Canada GDP for August to be released at 8:30 AM
The Canada GDP for August will be released at 8:30 AM EDT. The expectation for the month is for a decline of 0.4% for the month after a 0.7% increase in July. Going forward the weaker Canadian dollar should help export growth but the lower price of oil as well as slower spending in the US should contineue to weigh on the Canadian economy.
The USDCAD has been quite volatile the last few days. It is month end and there is rumblings that rebalancing of portfolios may continue to make action in the USDCAD volatile today. Be aware of some oversized short term moves.
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