*Breaking news* we have just had the revised figures for Gross Domestic Products in the Canadian economy for the month of July. A significant barometer for measuring growth in the economy, these data releases normally have a powerful effect on Canadian Dollar exchange rates. The growth in the economy for the single month of July came in at +0.3%, and this was even when oil prices were at their lowest.
The Canadian Dollar itself has received a lot of attention from the news. Previously GBP/CAD rates were moving upwards this morning as Sterling was recovering from its recent bout of weakness. This news has halted the rise and reversed the trend. GBP/CAD is now down a full cent to 2.026 and still falling, as confidence in the Canadian economy is rocketing.
USD/CAD has also moved down from 1.34 to 1.33 with this Canadian Dollar strength. But the greatest gains today were against the Euro, where EUR/CAD fell from 1.51 to 1.49.
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