8:30am (NY Time) CA GDP m/m Forecast 0.2% Previous -0.5%
I’ll be trading the CA GDP month on month figure, which is defined (from wikipedia) as “the market value of all final goods and services produced within a country in a given period of time. It is also considered the sum of value added at every stage of production of all final goods and services produced within a country in a given period of time.” GDP number has a direct effect on the Interest rate of the currency, it is one of the news indicators that affects BOC´s decision directly.
The Actual release came out at 0.1%, which was 0.1% worse than the expected 0.2%; Market didn’t react much immediately after the news, but we start to see some profit taking combined with a weaker USD as based on the general market sentiment. I decided not to take a trade based on this release, which proved to be a great call as the market eventually reacted in reverse of the news.