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CAD Strengthens After Second Quarter Growth Revised Higher

CAD Strengthens After Second Quarter Growth Revised Higher

Tzu-Wen Chen, Technical Strategist

THE TAKEAWAY: Canadian economic growth upwardly revised for second quarter 2012 > Updated accounting standards resulted in little impact and revision > CAD bullish

The Canadian economy grew more in the second quarter than initially reported. Ottawa-based Statistics Canada reported today that Canada’s gross domestic product (GDP) expanded at an annualized rate of 1.9 percent in the second quarter, a slight revision from the 1.8 percent growth originally estimated.

The revision reflects the adoption of updated economic accounting standards, which incorporates new weightings and measures, though the change in standards bore little impact on growth measurements. Statistics Canada stated that the new standards “resulted in no substantial change to the level, nominal growth rate or real growth rate of Canada’s gross domestic product from 1981 through the second quarter of 2012. Similarly, there was no material change to Canada’s current account balance over this period”.

USDCAD 1-minute Chart: October 1, 2012

CAD_Strengthens_After_Second_Quarter_Growth_Revised_Higher____body_Picture_1.png, CAD Strengthens After Second Quarter Growth Revised Higher

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

In the minutes after Statistics Canada released its GDP revisions, the Canadian dollar strengthened against the U.S. dollar. At the time of this report, the loonie had continued to rally, with the USDCAD pair trading at C$0.9818.

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

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