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The Canadian dollar gained for January after Statistics Canada reported fourth-quarter annualized GDP likely rose 1.6%. Monthly GDP grew 0.1% in November and was flat in December.
Gains in the public sector and transport offset contractions in construction and retail.
Economists expect the Bank of Canada's rate hikes to weigh on activity and bring a mild recession, which would reduce domestic demand. The currency gain reflects a weaker US dollar more than Canadian strength, so the direct effect on feed prices is modest.
fxdailyreport.comDaffa ZakyJan 31, 2023Not 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.
