# Canadian dollar steadies after GDP beat; falls 1% in February - The Globe and Mail

> 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.

- Date: 2024-02-29 · published 2024-02-29T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/31909-canadian-dollar-steadies-after-gdp-beat-falls-1-in-february-the-globe-and-mail
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

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.

## Read by commodity

- USDCAD: bullish ▲

## Sources

- theglobeandmail.com: https://www.theglobeandmail.com/investing/markets/inside-the-market/market-news/article-canadian-dollar-steadies-after-gdp-beat-falls-1-in-february/

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