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Canadian economy expands in November

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The report showing that Canada avoided a period of recession triggered a surge in demand for the Canadian dollar. The greenback-loonie pair managed to breach the support at 1.3000 below. Bears are likely to strengthen their influence over the market in the near term. According to provided data, Canada’s gross domestic product entered positive territory in November on a monthly basis. The report showed an increase of 0.4 percent. Markets had projected a 0.3 percent rise. The previous figure was revised upwards to a 0.2 percent drop from a 0.3 percent decrease. As a result the annual GDP change remained at the same level. The Canadian economy advanced by 1.6 percent year-over-year, which means the country has successfully adjusted to low crude prices. Nevertheless, optimism was rather muted as traders were looking forward to the speech by Bank of Canada Governor Stephen Poloz. The politician was expected to cast some new light on future monetary stance. https://www.instaforex.com
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