The Canadian dollar edged today as economic data from Canada, including a very important report about economic growth, was rather poor, meaning that it is unlikely for the Bank of Canada to tighten its monetary policy in the near future.
Canada’s gross domestic product expanded 0.1 percent in March, in line with expectations, slowing from February’s growth of 0.2 percent. GDP grew 0.3 percent in the first quarter of 2014 after rising 0.7 percent in the fourth quarter of 2013. This was the smallest increase since the fourth quarter of 2012.
The Industrial Product Price Index declined 0.2 percent in April, while analysts predicted an increase at 0.4 percent — the same rate as in the previous month. The Raw Materials Price Index increased 0.1 percent, yet the increase was significantly below the forecast of 1.2 percent.
USD/CAD wad up from 1.0836 to 1.0852 as of 17:04 GMT today. EUR/CAD climbed from 1.4738 to 1.4803. CAD/JPY dipped from 93.90 to 93.48 before trading at 93.75.
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Canadian Dollar Drops as Economic Data Disappoints
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