Loonie Tumbles as Canada Releases Weak GDP Report

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Stock brokers looking at computer screens, trading online.

Negative GDP Causes Loonie to Plunge

The Canadian dollar fell against most of its competitors as Canada released a GDP fall of 0.1% for January as housing sales drop.

Tuesday: Aussie Tumbles As Trade War Fears With China Affects Commodity Sales

USD

The greenback was able to hold a sizeable demand on Tuesday due to risk-off flows and profit-taking

GBP/USD plunged by -0.53% to trade at 1.4153, USD/CAD meanwhile went up by +0.30% to end the day at is  1.2880, and USD/JPY also went up by +0.06% to finish the day trading at 105.47.

AUD

The Aussie suffered the most amongst the comdolls as trade war fears with China affected the country’s commodity exports.

AUD/JPY plunged by 60 pips or -0.73% to end the day at to 81.05, AUD/CHF also went down but by -0.67% to end the day at 0.7275, EUR/AUD meanwhile was up by +0.50% to 1.6141, and GBP/AUD was also up by +0.33% to 1.4822 (+0.33%)

JPY

The Yen took a beating on Tuesday after the end-of-quarter (and fiscal year for Japan) profit-taking figures were released.

USD/JPY surged by 22 pips or +0.21% to finish the day at 105.55; EUR/JPY was also up by 42 pips or +0.32% to trade at 131.04, and GBP/JPY went up by 59 pips or +0.40% to finish at 149.69.

Wednesday: Loonie Dominates As Yen and Swissy Fall

CAD

The Loonie was the best performing currency on Wednesday despite the fact that there were no market-moving catalysts, while the oil prices were down.

JPY & CHF

JPY and the Swissy were the biggest losers of the day, despite risk aversion occurring for the most part of the day.

The two currencies which are both considered safe havens performed badly due to month-end flows.

USD/CHF went up by 22 pips to trade at 0.9510, EUR/CHF also went up by 32 pips or +0.27% to finish the day at 1.1795, and CAD/CHF increased by by 32 pips or +0.43% to trade at 0.7386

Meanwhile, USD/JPY went up by 55 pips to end the day at 106.03, EUR/JPY also went up buy by 72 pips or +0.56% to trade at 131.45, and NZD/JPY surged by 50 pips or +0.66% to 76.96

 Thursday: CAD Falls Due to Poor GDP Report

CAD

The Loonie suffered major losses on Thursday after Canada’s GDP was released. The GDP fell by 0.1% in January. The market expected a 0.1% increase, but the drop in home sales and the 7% drop in oil sales led to the economy going down by 0.15%

CAD/JPY was down by 16 pips or -0.19% to trade at 82.42, EUR/CAD meanwhile appreciated by 27 pips or +0.17% to trade at      1.5874, and USD/CAD went up by 1 pip or +0.01% to end the day at 1.2886.

JPY

The Yen was one of the best-performing currencies on Thursday, recording gains against most of its competitors.

USD/JPY was down by 26 pips and ended the day trading at 106.42, NZD/JPY was also down by 7 pips to trade at 76.90. We sent a Forex signal to buy the EURJPY at 131.07 on March 28th, and we hit Target 3 success, closing with profit in our Trade Copier.

Forex signal to buy the EURJPY.

 

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