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Markets

Canadian GDP Due Out Today

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With UK and US markets closed today liquidity may be on the light side. However, the economic calendar will not be taking a break as monthly Canadian GDP numbers will be released later today.

CAD - GDP m/m - 12:30 GMT

Expectations: 0.2%. Previous -0.2%.

Canadian GDP for the month of April is forecasted to grow following a disappointing month of February which had economic growth slipping into the red. Expectations are low and any decent growth numbers would be a positive for the Loonie. Initial support for the USD/CAD is found at 0.9740 followed by the low on March 20th at 0.9640. To the upside the recent rally has been capped at 0.9815. A breach here opens the door for gains towards 0.9970, a level where the mid-March high coincides with the 200-day moving average.

JPY - Preliminary Industrial Production m/m - 23:50 GMT

Expectations: 2.5%. Previous: -15.5%.

A fall in industrial output was expected after the earthquake and tsunami and is reflected in April numbers which declined by 15.5%. A 2.5% gain may be expecting too much from a feeble Japanese economy and could induce further declines in the USD/JPY . Initial support comes in at 80.35 followed by the May low at 79.50. A breach here would expose the pre-intervention low at 76.10.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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