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CAD Weakens Despite Canada Economy Growing in July for a Fifth Month

CAD Weakens Despite Canada Economy Growing in July for a Fifth Month

Tzu-Wen Chen, Technical Strategist

THE TAKEAWAY: Canadian economic growth expands in July for a fifth month > Stronger growth needed before rate hike likely > CAD weakens

The Canadian economy expanded in July for a fifth straight month, led by strength in manufacturing, utilities and wholesale and retail trade. Ottawa-based Statistics Canada reported today that economic growth picked up slightly in July, growing an inflation-adjusted 0.2 percent from a month ago after expanding a downwardly revised 0.1 percent in June. On a year-on-year basis, the Canadian economy grew 1.9 percent in July, slower than the 2.2 percent growth in June that was revised down from 2.4 percent originally reported. Economists surveyed by Bloomberg News had projected GDP growth of 0.1 percent month-on-month, and 2.0 percent from a year ago.

Bank of Canada Governor Mark Carney has said that he expects the Canadian economy to reach full output next year, and has continued to reiterate that an interest rate hike “may become appropriate” as the economy moves towards full output. However, recent data has shown a slowdown in the housing market, and construction and mining sectors, which dampen speculation for an interest rate hike in the near term.

USDCAD 1-minute Chart: September 28, 2012

CAD_Weakens_Despite_Canada_Economy_Growing_in_July_for_a_Fifth_Month____body_Picture_2.png, CAD Weakens Despite Canada Economy Growing in July for a Fifth Month

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

In the minutes following the release of the Canadian GDP report, the Canadian dollar weakened against the U.S. dollar. At the time of this report, the loonie had erased its initial decline, with the USDCAD pair trading at C$0.9807.

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

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