# Canadian Dollar recovers on upbeat Canadian GDP, Fed Powell still in the barrel: Analytics and Market news from 31 January 2024 16:34

> The Canadian dollar recovered on Wednesday after November GDP grew 0.2% month on month, beating the 0.1% forecast. It was the first growth reading in seven months. The Fed rate decision and Powell press conference were due later the same day.

- Date: 2024-01-31 · published 2024-01-31T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/32336-canadian-dollar-recovers-on-upbeat-canadian-gdp-fed-powell-still-in-the-barrel
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

Stronger Canadian activity supports loonie demand, which can affect Canadian pricing of imported feed ingredients, with little direct commodity impact.

## Read by commodity

- USDCAD: bearish ▼

## Sources

- teletrade.org: https://www.teletrade.org/analytics/market-analysis/market-news/3937784

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