The Canadian economy grew by 0.3%, more than expected in February, thanks to the mining sector.
Together with nice growth in January (which was revised up from 0.2% to 0.3%) and higher oil prices, the Canadian dollar is stronger. USDCAD is now around 1.01. Parity is not far anymore.
The Canadian RMPI dropped by 1.7%, while a rise of 0.5% was expected. Last month saw a rise of 2.2%. The IPPI rose by 0.1%, as expected.
Update: Following a sell off of the US dollar across the board, USD/CAD extended its falls and reached a level of 1.0055 before bouncing higher.
For more on the loonie, see the Canadian dollar forecast.
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