BLBG:Canadian Dollar Strengthens Before Gross Domestic Product Report
The Canadian dollar rose before a government report forecast to show the nation’s economy expanded for a fifth consecutive month.
Canada’s gross domestic product rose 0.3 percent in May, compared with 0.1 percent increase the month before, according to a Bloomberg survey with 20 responses. The Canadian economy has been resilient, with recent data for May showing the biggest monthly employment gain in a decade and the fastest growth in retail sales in three years.
“It probably will be modestly supportive for the Canadian dollar,” said Shaun Osborne, chief currency strategist at Toronto-Dominion Bank, by phone from Toronto before the report. “Better data is generally good for a currency, but not material enough to push us out of the range.”
The loonie, as the currency is nicknamed for the image of the waterfowl on the C$1 coin, rose 0.1 percent to C$1.0293 per U.S. dollar at 8:04 a.m. in Toronto. One loonie buys 97.15 U.S. cents.
To contact the reporter on this story: Ari Altstedter in Toronto at aaltstedter@bloomberg.net
To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net
