# The Canadian Dollar Raises the Roof on Blowout Growth Figures

> 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.

- Date: 2019-08-30 · published 2019-08-30T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/57821-the-canadian-dollar-raises-the-roof-on-blowout-growth-figures
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

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.

## Read by commodity

- USDCAD: bearish ▼

## Sources

- poundsterlinglive.com: https://www.poundsterlinglive.com/cad/11962-the-canadian-dollar-today-gdp-figures-in-focus

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