The early afternoon release of Canada’s GDP data revealed an economy in modest stability. The release of a nation’s gross domestic product report is a strong indicator of that nation’s economic health and well-being. Today’s release revealed to investors that Canada’s economy is stronger than previously assumed.
The forecasts for today’s numbers were for a mildly sluggish publication of 0.2%, below last quarter’s 0.3% growth. The actual reading of 0.3% has given traders cause to look over their numbers once again and revalue their Canadian dollar (CAD) positions. Look to the CAD making decently bullish moves throughout the week as one result of today’s numbers.
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