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Canadian Jan GDP Rose More Than Expected; USDCAD Bullish

Canadian Jan GDP Rose More Than Expected; USDCAD Bullish

Renee Mu, Currency Analyst

THE TAKEAWAY: [Canadian economic grew more than expected in January] > [Most major industrial sectors gains in Canada.] > [USD/CAD Bullish]

According to a report released by Statistics Canada today, the Canadian economy grew at a faster pace than expected in January on manufacturers’ gains . Real gross domestic product increased 0.2 percent following a 0.2 percent decline in December. The median forecast of economists polled by Bloomberg News called for a 0.1percent gain. On a yearly basis, GDP grew 1.0 percent in January, beating the estimate for a 0.9 percent increase.

Manufacturing sector rose by the most among all industries, leading to the gain in gross domestic product. In specific, Industrial production increased by 0.7 percent in January while durable manufacture climbed by 1.7 percent. Given the better-than-expected report, Canadian economy signals a picking up after ending last year with the slowest growth since the recession. In addition, with more plans mentioned in Canada’s 2013 Budget report to be implemented, the country’s output is likely to continue recovery in the following months.

USDCAD 1-minute Chart: March 28, 2013

Canadian_Jan_GDP_Rose_More_Than_Expected_USDCAD_Bullish_body_Picture_1.png, Canadian Jan GDP Rose More Than Expected; USDCAD Bullish

Chart created using Marketscope 2.0 – Prepared by Renee Mu

In the minutes following the release of the Canada’s report, the looniestrengthened against its US counterparty, with USDCAD falling to C$1.0150. At the time of this report was written, the Canadian dollar traded higher, with the USD/CAD pair trading at C$1.0165.

--- Written by Renee Mu DailyFX Research

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