# C$ gains despite GDP miss as US bond yields ease | Kitco News

> The Canadian dollar rose 0.3% to 1.3640 per U.S. dollar on May 31 as a drop in U.S. bond yields offset higher bets on a Bank of Canada cut. Canadian GDP grew at an annualized 1.7% in the first quarter, below forecasts. Odds of a June 5 cut climbed to 80% from 66%.

- Date: 2024-05-31 · published 2024-05-31T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/30513-c-gains-despite-gdp-miss-as-us-bond-yields-ease-kitco-news
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

Weaker Canadian growth and a likely BoC easing cycle point to a softer loonie over time. That would lower the cost of Canadian oilseed and grain exports for buyers in other currencies.

## Read by commodity

- USDCAD: neutral

## Sources

- kitco.com: https://www.kitco.com/news/off-the-wire/2024-05-31/c-gains-despite-gdp-miss-us-bond-yields-ease

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