BLBG: Canadian Dollar Fluctuates Before April Economic-Growth Report
The Canadian dollar fluctuated versus its U.S. counterpart before gross domestic product data that is forecast to show slowing economic growth.
The currency fell yesterday for the ninth day in 10 before Canadian GDP (CAGDPMOM) is projected to show growth of 0.1 percent for April, compared with a 0.2 percent increase in March, according to a survey of 21 economists conducted by Bloomberg News.
“GDP represents the big influence for the currency,” Jack Spitz, managing director of foreign exchange at National Bank of Canada (NA), said by phone from Toronto. “The market has already dialed back expectations on that number to some degree. If it’s a meaningful miss, we could see dollar-Canada trending up through $1.05.”
The loonie, as the Canadian dollar is known for the image of the aquatic bird on the C$1 coin, fell 0.2 percent to C$1.0497 per U.S. dollar at 8:16 a.m. in Toronto. The currency has declined 1.1 percent versus the greenback this month and fallen 3 percent during the second quarter. One loonie buys 95.27 U.S. cents.
To contact the reporter on this story: Joseph Ciolli in New York at jciolli@bloomberg.net
To contact the editor responsible for this story: Robert Burgess at bburgess@bloomberg.net
