The gross domestic product (GDP) reports out of Canada this afternoon gave cause for concern among international investors today. Expectations were for a mild rise in growth for the second quarter of approximately 0.1%. The actual figure, instead, showed a 0.2% contraction for Q2.
The Canadian economy has been struggling with the regional woes brought about by debt solvency issues in the United States. Lingering growth concerns and a choppy commodities market have also held the Canadian dollar (CAD) in limbo when other economic reports revealed that it should have seen solid growth. This GDP data is disconcerting as we head into an emotional weekend pitched with tension as the US Congress concludes its debt negotiations ahead of the August 2 deadline.
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Greg Holden is the Chief Market Analyst at ForexYard. Greg uses his detailed knowledge of fundamental and technical analysis to provide some of the leading market forecasts in the forex world today. A guest lecturer at forex symposiums and Chief Editor of ForexYard's analysis center, Greg brings highly detailed and easy-to-use market analyses to his clientele. He has been published on ForexYard's Trading Blog and affiliate websites. Greg holds degrees in Political Science and Economics from Missouri State University, as well as a Masters degree in Middle Eastern History.
