The Canadian Dollar recovered some ground after GDP surprised to the upside.

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• The Canadian Dollar recovered some ground after GDP surprised to the upside.
• Canada saw 0.2% GDP growth in November, which beat consensus.
• Fed rate call and press conference due in the latter half of the US trading session.

The Canadian Dollar (CAD) edged higher on Wednesday after Canadian Gross Domestic Product (GDP) figures beat expectations to post growth for the first time since May. The Federal Reserve’s latest rate call is due at 19:00 GMT, with a press conference to be headed by Fed Chairman Jerome Powell at 19:30 GMT.

Canada saw growth in its MoM GDP for the first time in seven months on Wednesday, sending the Canadian Dollar into recovery mode against the US Dollar (USD), but the CAD still remains in the red against several of its major currency peers. Loonie traders will be looking ahead to Thursday’s January Canadian Purchasing Managers Index (PMI) figures for Canada’s manufacturing sector after the Fed rate call dust settles.

The Canadian Dollar (CAD) has chalked in some gains on Wednesday, climbing around a fifth of a percent against the US Dollar as the Greenback recedes across the broader market. The CAD is still softer against the Japanese Yen (JPY), the market’s single best-performing currency in the mid-week trading session. The Loonie has shed over half a percent against the Yen for Wednesday.

USD/CAD tumbled to 1.3360 in early US trading, falling 0.6% from the day’s peak of 1.3437. Intraday momentum is dragging the pair back into the 1.3400 handle ahead of the Fed’s policy statement, and investors will be bracing for whips in the USD/CAD.

If the Canadian Dollar achieves a bullish close against the US Dollar on Wednesday, the USD/CAD will etch in its fifth consecutive down day as the pair pulls away toward the downside from the 200-day Simple Moving Average (SMA) near the 1.3500 handle.

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