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Canada’s GDP although higher, not high enough

By MoneyWay | Oct 29, 2021

August’s monthly GDP projects a picture of a faltering economy even as Covid restrictions are being lifted. Statscan gave indications that September’s numbers will not be much better than August, putting a wrench in the Bank of Canada’s plans to hike interest rates. “Supply disruptions” continue to impact Western economies and it will last longer than economists anticipate.

The Canadian dollar gave back its gains against the USD from the past week, expect more nervousness in the short term and therefore a CAD that may trade on the weaker side.

Currently*          Close                     Range

USDCAD               1.2400                   1.2342                   1.2329-1.2405

EURCAD               1.4315                   1.4414                   1.4310-1.4441

GBPCAD               1.6968                   1.7016                   1.6965-1.7051

*Indicative Rates Only

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