Prior to the release of Canadian GDP figures the ‘Loonie’ fell against the US Dollar.
The Canadian Dollar Exchange Rate was in the region of 0.9894 against the US Dollar as of 13:45 GMT
The commodity-driven currency, which hit a two-week high against the ‘Greenback’ yesterday on gains in crude oil, posted modest losses before the figures were published. Economists forecast that Canada’s GDP would have grown by 0.2 per cent in February, stagnating from the previous month.
In response to the ‘Loonie’s movement one Canadian economist noted: ‘We had a good few days in the risk sentiment and I think it’s just a little more cautious today, commodities lost a little bit, oil lost a little bit. I’m on the optimistic side from the numbers anyway. Even with the consensus 0.2 per cent on GDP, that’s not bad all things considered, with the headwinds that have been hitting the Canadian economy over the last few months.’
And it seems that the optimism may have been justified as when the data was finally published it showed that the Canadian economy actually expanded by 0.3 per cent in February.
Statistics Canada also upwardly revised their seasonally adjusted GDP for January to 0.3 per cent.
The Canadian economy grew by an annualised rate of 1.7 per cent in February, up by 0.7 per cent on the previous month and 0.4 per cent stronger than economists anticipated.
After the report was released the Canadian Dollar reversed losses against its US counterpart, strengthening to 0.9894, and posted gains against several of its other most traded rivals.
The ‘Loonie’ could experience additional movement in the hours ahead following the release of US consumer confidence data at 15:00 GMT.
Current Canadian Dollar (CAD) Exchange Rates
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The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9890 >
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.7567 >
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6388 >
The Canadian Dollar/Australian Dollar Exchange Rate is currently in the region of: 0.9573 >
The Canadian Dollar /New Zealand Dollar Exchange Rate is currently in the region of: 1.1564 >
The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.5658 <
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0110 <
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.3217 <
The New Zealand Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.8658 <
The Australian Dollar/Canadian Dollar Exchange Rate is currently in the region of: 1.0447 <
(Correct as if 13:50 GMT)
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