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- Canada: Real GDP expands by 1.1% in February vs. 0.8% expected
Canada: Real GDP expands by 1.1% in February vs. 0.8% expected
- The Canadian economy expanded at a MoM pace of 1.1% in February, faster than expected.
- The loonie did not react to the latest data, even though it will underpin BoC tightening expectations.
Canadian real GDP expanded at a pace of 1.1% MoM in February, according to the latest data release by Statistics Canada on Friday, a faster pace of growth than the 0.8% forecasted by economists. That marked an acceleration in the pace of economic growth in Canada after January's 0.2% rise in real GDP.
Market Reaction
Though the robust growth data will increase confidence at the BoC that it can get away with rapid rate hikes given underlying economic strength, the loonie has not seen any reaction. USD/CAD continues to trade close to session lows just under the 1.2750 mark, with traders more focused on the latest batch of mixed US economic data.
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