Canada January GDP +0.2% vs +0.2% expected

• Canada January GDP has risen for 8 straight months
• Good producing +0.8%
• Services 0.0%
• 9 of 20 industries increased
• Advance February reading +0.8%

Residential construction and wholesale trade were two big drivers of the gain, along with utilities due to cold weather. Surprisingly, retail trade rose 2.5% in January despite lockdowns. That mostly offsets the 2.8% decline in December.

The big news here is the +0.8% preliminary reading for February, which should push Canada above pre-pandemic GDP. Canada fully reopened in March, so there will be some large tailwinds for a few months, particularly in services.

CAD CAD The Canadian dollar (CAD) is the official currency of Canada and at the time of writing is the fifth most-held reserve currency in the world behind only the US dollar, euro, Japanese yen, and British pound.The CAD is commonly referred to as the Loonie by forex analysts and traders. At the time of writing, the CAD accounts for 2% of all global currency reserves.Its appeal is strong among central banking authorities given Canada’s economic strength, sovereignty, and historic stability.Originally i The Canadian dollar (CAD) is the official currency of Canada and at the time of writing is the fifth most-held reserve currency in the world behind only the US dollar, euro, Japanese yen, and British pound.The CAD is commonly referred to as the Loonie by forex analysts and traders. At the time of writing, the CAD accounts for 2% of all global currency reserves.Its appeal is strong among central banking authorities given Canada’s economic strength, sovereignty, and historic stability.Originally i Read this Term was largely unchanged on the report as it navigates the oil and SPR news.