# The Loonie falls as the Canadian economy starts to feel the global slowdown. - OFX (US)

> Canadian GDP was unchanged in July after a 0.2% gain in June, below expectations, with oil and gas extraction falling 3%, the largest monthly drop since 2016. The loonie sold off after the release, pushing USD/CAD to 1.3281.

- Date: 2019-09-30 · published 2019-09-30T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/57328-the-loonie-falls-as-the-canadian-economy-starts-to-feel-the-global-slowdown-ofx
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

Stalled growth and weaker oil output raise doubts about Canadian economic resilience and could weaken the loonie, which lifts USD/CAD and affects the local-currency cost of Canadian-origin feed commodities.

## Read by commodity

- USDCAD: bullish ▲

## Sources

- ofx.com: https://www.ofx.com/en-us/forex-news/daily-and-weekly-market-news/2019/10/01/the-loonie-falls-as-the-canadian-economy-starts-to-feel-the-global-slowdown/

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