By ForexMansion.com
The USD/CAD extended its drop on Wednesday for a third consecutive day, where commodity currencies rose in general today despite that oil prices settled today, while the data released on Wednesday regarding the industrial product prices and raw materials prices didn’t affect the USD/CAD movement.
Meanwhile, the ADP employment report from the United States showed private employers added 201,000 jobs in March slightly below forecasts, however, investors were still optimistic over the outlook of the U.S. labor market, which boosted higher yielding assets. We have important economic news from the United States tomorrow, which might affect the USD/CAD movement.
Thursday 12:30, Canada will release the Gross Domestic Product index for the month of January, where the Canadian economy expanded by 0.5% back in December, while expectations suggest that the Canadian economy will expand by 0.5 percent as well in January, while compared with a year earlier, the GDP expanded in December by 3.2 percent.
Thursday 12:30, The U.S. will release the continuing claims index for the week ending March 26, where expectations signal improving conditions in the labor market, where jobless claims are expected to drop to 380,000 from 382,000.
Thursday 13:45, the Chicago PMI is expected to show that manufacturing activities eased in March to 70.0 from 71.2 reported back in February, nevertheless, the U.S. manufacturing sector continues to expand and recover from its worst slump since the early 1980s.
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Originally posted here
