The Canadian Dollar falls on the best quarter since 2023
Canada produced the strongest growth figure of the cycle and the Canadian Dollar is weaker for it.
The Canadian Dollar fell as Canada reported its strongest quarterly growth since early 2023, with GDP increasing by 3.3% in the second quarter and setting a new annualized pace. This outpaced the Bank of Canada's forecast, which was 2.5%. Exports saw a significant boost, rising 3.6% on the quarter, led by a 27% surge in vehicle shipments. However, this growth came at a cost as the country faced a 50% American duty on roughly C$27.6 billion of goods from August 22, and measures were set to take effect on September 8.
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