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December, 23 - USD/CAD has all the chances to breakout in either direction today

Today Canada is going to publish GDP numbers. They are the broadest measure of economic activity and the primary gauge of the economy's health. The higher the GDP numbers are, the better the economy of the country is doing. As, surely enough CAD could use some help right now, as the declining prices for oil are only making the chart for USD/CAD couple grow, which means that CAD is losing to USD right now.

 

usdcad 23.12.2019

 

Will CAD recover? Will it be able to fight back? Well, what are the chances that GDP numbers are going to be good? Past few months hasn’t been the best for oil – the main source of income for both – strength of Canadian economy and growth for Canadian dollar. And this very important commodity has not been doing all that well for the last couple of weeks. Seeing that, it is very doubtful that we are going to see CAD being able to fight against the greenback today.

 

But, we can always hope. That is, if you want to see CAD strong. But remember – in this case the chart is going to fall.

 

In case you want to see the exact moment when the situation may change altogether, you need to use our trading signals.

 

 

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