# Canadian GDP lags for the second consecutive month - OFX (CA)

> Canadian GDP for August was slightly below expectations at 0% month over month versus a forecast 0.1% gain, showing no growth for two months. Meanwhile the US dollar index rose to about 106.46 on stronger US employment cost and house price data.

- Date: 2023-10-31 · published 2023-10-31T12:00:00.000Z
- Category: report · region Canada · magnitude low
- Page: https://feedsoft.ai/events/33850-canadian-gdp-lags-for-the-second-consecutive-month-ofx-ca
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Soft Canadian growth and a firmer US dollar push the loonie lower, a currency move that can affect Canadian export pricing for oilseeds and grains.

## Read by commodity

- DXY: bullish ▲
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2019-10-31 | [The Loonie falls after stronger numbers than expected in the American economy. - OFX (US)](https://feedsoft.ai/events/56800-the-loonie-falls-after-stronger-numbers-than-expected-in-the-american-economy.md) | -0.1% | +0.8% |
| DXY | 2026-02-27 | [U.S. dollar heads for first monthly gain since October](https://feedsoft.ai/events/7898-u-s-dollar-heads-for-first-monthly-gain-since-october.md) | +1.4% | +2.1% |
| DXY | 2022-08-11 | [The Federal Reserve and U.S. Treasury Did Not Intervene in FX Markets During the Second Quarter - FEDERAL RESERVE BANK of NEW YORK](https://feedsoft.ai/events/40215-the-federal-reserve-and-u-s-treasury-did-not-intervene-in-fx-markets-during-the.md) | +1.1% | +3.2% |
| DXY | 2022-10-12 | [Perspective: Mid-Day Commentary for October 12](https://feedsoft.ai/events/39101-perspective-mid-day-commentary-for-october-12.md) | +0.2% | -1.6% |
| DXY | 2017-05-03 | [The FOMC statement for the May 2017 meeting - Forex news - Binary options](https://feedsoft.ai/events/70925-the-fomc-statement-for-the-may-2017-meeting-forex-news-binary-options.md) | +0.6% | -1.2% |

## Sources

- ofx.com: https://www.ofx.com/en-ca/forex-news/daily-and-weekly-market-news/2023/10/31/canadian-gdp-lags-for-the-second-consecutive-month/

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