Markets  |  March 01, 2013 15:55:00

USD / CAD near historic highs

The Canadian economy grew by 0.2 percent in the last quarter of 2012 and continues its modest growth of 3 quarter. Overall, the second half was the weakest since the recession of 2009. Your mom in December GDP even offended by 0.2 percent. Today slowdown in economic growth and forcing the central bank of Canada (BOC) to maintain stimulus measures and possibly forcing conservative Canadian government to modify the budget. In comparison with the last quarter of 2011 the Canadian economy 0.6 percent growth.

BOC signals for several months, she wanted to raise interest rates from 1 percent. Today's GDP result but she does not give a lot of space. Even global markets do not expect it in the near future may change rates. The Canadian economy has weaknesses in manufacturing and retail.Also rapidly reduced inventory, in the last quarter amounted to only 5.7 billion Canadian dollars from 13.5 billion in the third quarter. On the contrary, successful consumer spending, which grew qoq by 0.7 percent.

The growth rate of U.S. production in February ranked highest rate in the last year and a half. Helped to mostly increasing order. Today, The American Institute for inventory management (ISM) manufacturing purchasing managers index (PMI), it jumped to 54.2 points and is masterfully kept above 50, which separates expansion from contraction. Data surpassed the expectations of economists who mistakenly predicted drop to 52.5 points. Today's result is the best since June 2011 and gives a good view of the future. New orders index jumped to 57.8 points from 53.3 the previous point and reached its lowest since April 2011.Output index rose to 57.6 points and 53.6 better off compared to the previous point.

Consumer confidence in the United STATEC h increased in February, when the Americans gained greater optimism that will improve the situation on the labor market, although confidence in fiscal policy has hovered near historic lows, a survey showed on Friday.
Consumer sentiment index, which compiles the University of Michigan, in February rose to 77.6 points from 73.8 points in January.

Currency pair USD / CAD was able to break through during this week's downward trend line from the monthly chart and quickly approached the Fibonacci resistance level of 23.6. Although oscillators indicate overbought area, but in such a strong trend is their indication inaccurate. Today marks yet brewing potential correction trend.In the case of this correction will be crucial further testing downward trend lines, which should decide where the market will continue.

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