# Canadian Dollar continues struggling after GDP data

> The Canadian dollar extended its losses after flat August GDP and a larger-than-expected 50 basis point Bank of Canada cut to 3.75%. U.S. PCE inflation for October was 2.1% year over year, with core at 2.7%, and jobless claims fell to 216K, both sides of the rate outlook.

- Date: 2024-10-31 · published 2024-10-31T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/28119-canadian-dollar-continues-struggling-after-gdp-data
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

Expectations for further Bank of Canada easing and a firm U.S. labor market widen the rate gap that pressures the loonie. This raises the Canadian-dollar cost of U.S. feed imports at the margin.

## Read by commodity

- USDCAD: bullish ▲

## Sources

- mitrade.com: https://www.mitrade.com/insights/news/live-news/article-1-443206-20241101

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.