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Statistics Canada data showed the economy grew 0.9% in the second quarter, an annualised 3.7%, well above the roughly 3% consensus. Exports rose 3.7%, led by increased oil shipments to the U.S., while business investment fell 1.6%.
The Canadian dollar strengthened on the figures, and analysts said its outlook now depends on the Bank of Canada's response the following week.
Stronger growth reduces the likelihood of a Bank of Canada rate cut, which supports the loonie and makes Canadian-origin commodities and imports priced in U.S. dollars relatively cheaper for buyers.
poundsterlinglive.comJames SkinnerAug 30, 2019Not 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.
