Canada’s November GDP Print Beats Expectations

The Canadian dollar was little changed against its U.S. counterpart after a report showed the world’s 11-largest economy grew faster than forecast in November on gains in manufacturing, mining and energy.

The currency, nicknamed the loonie for the image of the aquatic bird on the C$1 coin, fluctuated after Canada’s gross domestic product expanded 0.3 percent, the fastest pace in seven months, Statistics Canada said today in Ottawa. The median forecast in a Bloomberg economist survey was for a 0.2 percent expansion. It dropped earlier after a report showed German retail sales fell more than economists predicted last month.

“Canadian numbers had a small positive surprise,” said Shaun Osborne, chief currency strategist at Toronto-Dominion Bank, by phone from Toronto. “I think that keeps the GDP tracking more or less in line with something where the bank is and where we are. We may have seen all the reaction we’re likely to see on the Canadian dollar for the moment.”

The loonie was little changed at C$1.0015 per U.S. dollar at 8:48 a.m. in Toronto. One Canadian dollar buys 99.85 U.S. cents.


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Dean Popplewell

Dean Popplewell

Vice-President of Market Analysis at MarketPulse
Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.
Dean Popplewell