us-dollar-bank-notes-jar - USD

The US dollar continued to trade inside a well-defined range against the Canadian dollar in a slow holiday trading session in North America, reaching an intraday high of 1.3308.

The Canadian dollar picked up some support recently after the GDP and RMPI reports matched market expectations.

The real gross domestic product rose 0.1% in September, largely on the wings of a resilient service sector. Services increased by 0.2%, outpacing the growth in the goods sector of 0.1%.

Wholesale trade gained 0.9% in September, which is well above the 1.2% contraction in the previous month. The construction sector and all of its subsectors also showed a healthy increase of 0.6%, while weaker international trade volume weighed on the rail transportation sector which had a 7.2% contraction in September.

The RMPI, or Raw Materials Price Index, fell by 1.9% in October which was in line with market forecasts. The decrease in the index can be attributed to lower prices for crude oil (down 5.4%), while crop and animal products rose by 1.9% and 1.3%, respectively.

The Canadian dollar rose against the US dollar after the reports as markets were likely expecting a larger drop in the GDP numbers, especially after the Bank of Canada trimmed growth forecasts at their last meeting. The Canadian dollar traded at 1.3302 against the US dollar, as of 1:50 p.m. London time.

The US dollar remains well bid but continues to trade inside the well-known range between the mid 1.32s and lower 1.33s. Further upside potential seems limited at the moment, especially as a 30% probability of a BoC rate cut in January still looks quite elevated given the economic reports. To the downside, the November 18 low of 1.32 remains an important support level to watch out for. is a news site only and not a currency trading platform. is a site operated by TransferWise Inc. (“We”, “Us”), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of TransferWise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on do not represent our views.