Search ForexCrunch

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.

[do action=”tradingviews” pair=”USDCAD” interval=”60″/]