Canada’s loonie dodged a bit of a bullet as monthly growth didn’t fare as poorly as expected which can cement expectations of no change in area interest rates next month. Canada’s economy contracted 0.1% in January which wasn’t as bad as forecasts of -0.2%. But that still marked a meaningful slowdown from December’s 0.3% pace of growth. Today’s data may offer a short reprieve for the loonie but don’t expect a game changer given how Canada’s economy remains vulnerable to the shock slide in oil prices.
The material has been provided by InstaForex Company – www.instaforex.com