# Canada June rate cut bets rise after first-quarter GDP miss

> Financial markets raised bets on a June 5 Bank of Canada rate cut to about 83% from 66% after Canada's first-quarter GDP missed expectations. The loonie rose 0.31% to 1.3635 per U.S. dollar, and two-year Canadian yields fell 7.5 basis points.

- Date: 2024-05-31 · published 2024-05-31T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/30511-canada-june-rate-cut-bets-rise-after-first-quarter-gdp-miss
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

A likelier BoC rate cut narrows the rate gap with the Fed and tends to weigh on the Canadian dollar over time. A weaker loonie makes Canadian canola and other exports cheaper for overseas buyers.

## Read by commodity

- USDCAD: neutral

## Sources

- reuters.com: https://www.reuters.com/markets/canadian-economy-misses-q1-growth-forecast-april-gdp-likely-up-03-2024-05-31/

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