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Loonie Climbs as Canadian Economy Expands in April at Fastest Pace This Year

Loonie Climbs as Canadian Economy Expands in April at Fastest Pace This Year

Tzu-Wen Chen, Technical Strategist

THE TAKEAWAY: [Canadian GDP growth fastest this year in April] > [Pickup in mining and oil and gas extraction activity] > [CAD strengthens]

The Canadian economy expanded at a faster pace than expected in April, led by increased activity in the mining and oil and gas extraction sector. Canada’s real gross domestic product (GDP) grew 0.3 percent in April, the fastest month-on-month rate this year, after edging up 0.1 percent in March. On a yearly basis, GDP expanded 2.0 percent in April, after growing 1.7 percent in each of the three months prior. The consensus forecast of economists surveyed by Bloomberg News had called for growth of 0.2 percent from a month ago and an annualized growth rate of 1.8 percent.

According to a report released by Statistics Canada, mining and oil and gas extraction rebounded in April after temporary shutdowns in mining and production difficulties resulted in a downturn in February and March. Mining and oil and gas extraction rose 2.7 percent in April after declining 2.0 percent in February and 1.1 percent in March. Wholesale trade rose 1.2 percent in April, climbing for the fifth straight month. Meanwhile, manufacturing declined 0.3 percent and construction edged down 0.1 percent in April.

USDCAD 1-minute Chart: June 29, 2012

Loonie_Climbs_as_Canadian_Economy_Expands_in_April_at_Fastest_Pace_This_Year_body_Picture_1.png, Loonie Climbs as Canadian Economy Expands in April at Fastest Pace This Year

Chart created using Market Scope – Prepared by Tzu-Wen Chen

Immediately after the data release, the Canadian dollar strengthened against the U.S. dollar as the stronger GDP increases support for a rate hike by the Bank of Canada in the coming months. At the time of this report, the USDCAD pair was trading at C$1.0167.

--- Written by Tzu-Wen Chen, DailyFX Research

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.