Canadian GDP flat in February – better than expected


Canada’s economy stalled in February, better than a slide of 0.1% expected. However, this came on the back of a downwards revision for January: a slide of 0.2% instead of 0.1% initially reported. Year over year, growth stands at 1.9%.

USD/CAD is ticking lower and challenging the 1.20 battle line. Update: after the dust begins settling, USD/CAD is rising once again, due to good US data. The greenback has the upper hand for now.

As with the small change, the various components of the report are mixed. The general picture remains of moderate growth.

Canada was expected to report a squeeze of 0.1% in the economy for the month of February following the same figure in January.

USD/CAD was trading around 1.2040 towards the publication.

USD/CAD lost 1.20 on the terrible US GDP report, but bounced back thanks to the relatively calm message from the Fed. The US released quite a few figures at the exact same time.

The Canadian dollar had a nice run of late, with USD/CAD slipping under 1.20 for a short while. The C$ enjoyed gradually rising oil prices as well as previously heard optimism from the central bank, despite an acknowledgement that Q1 was “brutal”.


Get the 5 most predictable currency pairs

About Author

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 the 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.

Comments are closed.