# Canadian dollar gains as data shows economy ‘humming along’ - The Globe and Mail

> The Canadian dollar strengthened against the US dollar after GDP data showed January growth of 0.6%, the fastest in a year. A preliminary February estimate showed 0.4% growth, and money markets still priced a 68% chance of a June Bank of Canada rate cut.

- Date: 2024-03-28 · published 2024-03-28T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/31432-canadian-dollar-gains-as-data-shows-economy-humming-along-the-globe-and-mail
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Firmer domestic growth delays Bank of Canada easing, supporting the loonie and pushing USD/CAD lower. This is a currency move with little direct impact on feed commodity prices.

## Read by commodity

- WTI: bullish ▲
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-02-19 | [Canadian dollar gains as oil rallies on Chinese stimulus hopes - The Globe and Mail](https://feedsoft.ai/events/54806-canadian-dollar-gains-as-oil-rallies-on-chinese-stimulus-hopes-the-globe-and.md) | -4.3% | -48.2% |
| WTI | 2022-02-17 | [Why oil and the Canadian dollar are breaking up - The Globe and Mail](https://feedsoft.ai/events/42921-why-oil-and-the-canadian-dollar-are-breaking-up-the-globe-and-mail.md) | -1.1% | +9.8% |
| WTI | 2022-09-27 | [Surging bond yields spook investors, capping Canadian dollar gains - The Globe and Mail](https://feedsoft.ai/events/39815-surging-bond-yields-spook-investors-capping-canadian-dollar-gains-the-globe-and.md) | +9.0% | +11.1% |
| WTI | 2021-07-28 | [Canadian dollar gains as Fed readies new money market facilities - The Globe and Mail](https://feedsoft.ai/events/46270-canadian-dollar-gains-as-fed-readies-new-money-market-facilities-the-globe-and.md) | -1.5% | -5.8% |
| WTI | 2020-07-29 | [Canadian dollar gains as investors sell greenbacks on ‘downbeat’ Fed - The Globe and Mail](https://feedsoft.ai/events/52351-canadian-dollar-gains-as-investors-sell-greenbacks-on-downbeat-fed-the-globe.md) | +1.8% | +5.6% |

## Sources

- theglobeandmail.com: https://www.theglobeandmail.com/investing/markets/inside-the-market/market-news/article-canadian-dollar-gains-as-data-shows-economy-humming-along/

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