Canadian GDP

The Canadian Dollar recovered lost ground from the Pound and some other currencies in midweek trade after Statistics Canada said the local economy ground to a halt at the end of the second quarter but likely rebounded in April, placing the Bank of Canada (BoC) under a spotlight. 

The Pound to Canadian Dollar exchange rate has fully reversed its 2022 losses with a breakout above important technical resistance on the charts but with momentum now dissipating it could be most likely to consolidate within a rough 1.6814 to 1.7075 range over the coming days.

The Canadian Dollar lagged behind other major currencies ahead of the weekend but Statistics Canada's confirmation of a resilient local economy could help to sustain the Loonie's recent outperformance up ahead and may even embolden recent sellers of GBP/CAD and USD/CAD. 

Canadian Dollar exchange rates were a mixed bag ahead of the weekend while the outlook for the Loonie has become less certain with the economy headed toward a slowdown and the Bank of Canada (BoC) now signalling that the end to its interest rate cycle is likely approaching. 

The Canadian Dollar outperformed Pound Sterling and many other major currencies in the final session of the week after the local economy proved more resilient in May than markets had anticipated with possible implications for interest rate policy at the hawkish Bank of Canada (BoC).

The Canadian Dollar outperformed other major currencies on Wednesday and remained leader of the pack for 2021 after Statistics Canada data showed the economy gaining momentum in January despite a second wave of coronavirus infections and associated restrictions on activity.

The Canadian Dollar was caught on the hop by a tentative rebound in the U.S. Dollar Friday even after Statistics Canada unveiled June growth figures that surpassed market expectations before forecasting a strong July performance too, although this didn't prevent the Loonie from turning lower.  

The Canadian Dollar struggled Friday even after official estimates revealed the May rebound in the economy was larger than economists expected, as risk appetite appeared to ebb and a preliminary estimate from Statistics Canada warned of only a limited further rebound in June. 

The Pound-to-Canadian Dollar rate reversed course and traded higher Tuesday after Statistics Canada indicated that only a tepid economic recovery was underway in May, after reporting historic losses for the economy in April.

The Canadian Dollar wobbled while trading on its front foot against many rivals Tuesday after official data revealed a surprise February contraction in the economy, vindicating the Bank of Canada (BoC) for its anaemic estimate of growth for the first-quarter overall. 

The Canadian Dollar was dealt a crushing blow Friday by official data that showed the economy contracting into year-end, as multiple headwinds stymied activity, vindicating the Bank of Canada for having said it will be more patient before raising interest rates this year. 

The Canadian Dollar held onto its place at the top of the G10 league table Thursday even after official data confirmed that the economy slowed sharply into year-end, which led economists to claim the Bank of Canada (BoC) has been sidelined for the foreseeable future. 

The Canadian Dollar held at an 18-month low against the Dollar and also ceded ground to Sterling Friday, after the latest GDP and retail sales data appeared to put a further dent in the economic outlook.

The Canadian Dollar was treading water Friday after official data showed the Canadian economy contracting at the end of the third-quarter. 

The Canadian Dollar was treading water Wednesday before the release of GDP data for August, which will be key to market expectations of growth in the third-quarter, as well as the Bank of Canada's December interest rate decision.

The Canadian Dollar extended losses Thursday after official data showed economic growth picking up sharply in the second quarter but at a slower than expected pace, which may now cast doubt over whether the Bank of Canada goes ahead with another interest rate rise in September.