Skip to content USDCAD Fundamental Analysis – March-5-2024
USDCAD Fundamental Analysis – The Canadian dollar has improved, above 1.355 compared to the US dollar. This comes after a drop to almost a three-month low of 1.36 on February 28. The rise is due to good news about Canada’s economy. Specifically, the country’s GDP grew more than expected in the last part of the year.
Canada’s Economic Growth Surpasses Expectations
The growth rate of Canada’s economy was an annualized 1% during the last quarter. This was higher than the 0.8% many people thought it would be. Also, the economy didn’t shrink as much as believed in the third quarter. Early signs for January suggest the economy is growing quickly. This shows the Canadian economy is doing pretty well, which takes pressure off the Bank of Canada. They now have more time to decide when and how much to change interest rates.
USDCHF Fundamental Analysis: Strong Demand for Canadian Exports
The reports also highlighted a strong international interest in Canadian energy products. This demand helps bring more foreign money into Canada. This is good for the Canadian dollar, known as the loonie. It means the currency gets stronger when other countries buy more from Canada. This is part of why the Canadian dollar is doing better now.
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