# C$ gains as GDP data quells 50-basis point rate cut chatter | Kitco News

> Canada's economy grew 0.2% in May and a preliminary June estimate showed 0.1% growth, lifting quarterly growth to 2.2%. The loonie rose to 1.3810 per U.S. dollar as traders reduced bets on a 50-basis-point Bank of Canada cut.

- Date: 2024-07-31 · published 2024-07-31T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/29498-c-gains-as-gdp-data-quells-50-basis-point-rate-cut-chatter-kitco-news
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

Firmer growth reduces expected Bank of Canada easing, which supports the Canadian dollar and marginally affects the cost of Canadian oilseed exports priced in USD.

## Read by commodity

- USDCAD: bearish ▼

## Sources

- kitco.com: https://www.kitco.com/news/off-the-wire/2024-07-31/c-gains-gdp-data-quells-50-basis-point-rate-cut-chatter

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