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Canadian GDP exceeds expectations – USD/CAD Falls

The Canadian economy grew by 0.3%, more than expected in February, thanks to the mining sector.

Together with nice growth in January (which was revised up from 0.2% to 0.3%) and higher oil prices, the Canadian dollar is stronger. USDCAD is now around 1.01. Parity is not far anymore.

The Canadian  RMPI dropped by 1.7%, while a rise of 0.5% was expected. Last month saw a rise of 2.2%. The  IPPI rose by 0.1%, as expected.

Update: Following a sell off of the US dollar across the board, USD/CAD extended its falls and reached a level of 1.0055 before bouncing higher.

For more on the loonie, see the Canadian dollar forecast.

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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.