US Canada GDP QoQ annualized 1.7% versus 2.2% estimate

• Prior quarter 1.0%
• GDP QoQ Q1 annualized 1.7% vs 2.2% estimate
• GDP implicit price -0.3% vs 1.4% estimate
• GDP YoY Q1 x.x% vs 0.93% estimate
• GDP MoM March 0.0% versus 0.0% estimate. Prior month 0.2%

Below is a table of the contributions (or not) to the GDP in Q1:

The USDCAD has moved higher (lower CAD), but still remains lower on the day. The price did bounce near a swing area support area near 1.3628., but remains below a cluster of MAs between 1.3659 to 1.3670.

The expectations for a rate cut next week is closer to 80% from around 65% before the data.

This article was written by Greg Michalowski at www.forexlive.com.