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The Canadian dollar was little changed against the U.S. dollar after fourth-quarter GDP grew at an annualized 1.0%, avoiding a second straight quarterly contraction. The loonie had hit a 2.5-month low the previous day and fell about 1% over February, partly on broad U.S. dollar strength.
Stronger-than-expected Canadian growth trims the case for an early Bank of Canada rate cut, which supports the loonie and modestly lowers USD/CAD. The effect on feed commodity prices is minor.
theglobeandmail.comFergal SmithFeb 29, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
