- Prior month 0.2%
- Canada GDP For January 0.4% vs 0.3% estimate
- Advanced estimate for February 0.0% MoM
- Increases in the manufacturing and finance and insurance sectors were offset by decreases in the real estate and rental and leasing sector, the oil and gas extraction subsector and the retail trade sector
Details:
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Real GDP grew 0.4% in January, following a 0.3% rise in December
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13 of 20 sectors saw growth in January
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Goods-producing industries led the increase, up 1.1%—the largest gain since October 2021
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All industrial sectors within goods production expanded
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Mining, quarrying, oil and gas extraction, and manufacturing were the main drivers
More details:
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Services-producing industries rose modestly by 0.1%
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The mining, quarrying, and oil and gas extraction sector grew 1.8% in January, with all three subsectors expanding in the month. This was the second consecutive month of growth for the sector.
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The manufacturing sector rose 0.8% in January, following two consecutive monthly declines, as the durable-goods manufacturing aggregate (+2.0%) rebounded from the decline recorded in the previous month, with 8 of 10 subsectors rising in January.
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The utilities sector was among the top contributors to growth for a second consecutive month, expanding 2.7% in January, following a 5.0% increase in December.
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Construction rose 0.7% in January as most types of construction activity were up
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Retail trade was the largest detractor to growth in January, after being the largest contributor to growth in December, contracting 0.9% in January as activity in 6 of 12 subsectors decreased..
The USDCAD has moved lower in the early NA trading but is holding support at the 200 hour MA at 1.4311. If the price can stay above that MA, the buyers are more in control – at least in the short term.
This article was written by Greg Michalowski at www.forexlive.com.