{"id":2217,"date":"2009-06-01T15:30:48","date_gmt":"2009-06-01T20:30:48","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2217"},"modified":"2009-06-01T15:30:48","modified_gmt":"2009-06-01T20:30:48","slug":"canadas-gdp-falls-54-in-1st-quarter-most-since-1991-cad-falls-in-currency-trading","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/06\/01\/canadas-gdp-falls-54-in-1st-quarter-most-since-1991-cad-falls-in-currency-trading\/","title":{"rendered":"Canada&#8217;s GDP falls 5.4% in 1st Quarter, most since 1991. CAD falls in Currency Trading"},"content":{"rendered":"<p>The Canadian Gross Domestic Product decreased in the first quarter of 2009 by the most since 1991 according to a report by Statistics Canada released today. Canadian GDP fell in the January to March quarter by an annualized 5.4 percent following a revised decline of 3.7 percent in the fourth quarter of 2008. The decline was the largest <a href=\"http:\/\/countingpips.com\/fx\/wp-content\/uploads\/2009\/06\/250150blueglobe.gif\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-2218\" title=\"250150blueglobe\" src=\"http:\/\/countingpips.com\/fx\/wp-content\/uploads\/2009\/06\/250150blueglobe.gif\" alt=\"250150blueglobe\" width=\"250\" height=\"150\" \/><\/a>quarterly fall since the first quarter decrease of 5.9 percent in 1991. Today&#8217;s data, despite the fall, was better than market forecasts as predictions were for an annualized 6.5 percent decrease.<\/p>\n<p>GDP data for the month of March showed a decline of 0.3 percent following a 0.1 percent decrease in February.\u00a0 The monthly decline matched economic forecasts predicting a fall of 0.1 percent.<\/p>\n<p>Contributing to the first quarter GDP decline was a decrease in the production of goods by 4.0 percent with the service-producing industries also falling in the first quarter by 0.5 percent. Exports declined for the seventh straight quarter at a 8.7 percent dip while imports also fell at a 11.0 percent clip.\u00a0 Consumer spending decreased in the first quarter as spending declined by 0.4 percent while spending on durable goods also decreased by 1.8 percent.<\/p>\n<p><strong>Canadian dollar lower in currency trading.<\/strong><\/p>\n<p>The Canadian dollar has been mostly lower today in the currency markets against the major currencies.\u00a0 The U.S. dollar has advanced slightly against the Canadian loonie as the USD\/CAD has gained from its 1.0868 opening at 00:00 GMT to trading at 1.0934 at 4:09pm EST in the US session according to currency data from Oanda. The USD\/CAD reached an intraday low of 1.0785 before moving higher.<\/p>\n<p>The euro has gained against the loonie as the EUR\/CAD trades at the 1.5460 level after opening the day at 1.5375. The British pound has also advanced sharply versus the loonie today as the GBP\/CAD has surged to the 1.7963 level after opening the day at 1.7633.<\/p>\n<p>The loonie has gained ground versus the Japanese yen today as the CAD\/JPY has moved up to the 88.31 yen per loonie level after opening the day at 87.39.<\/p>\n<p>The Australian dollar is sharply higher today against the loonie as the AUD\/CAD pair trades at 0.8862 from today\u2019s opening rate of 0.8755 while the New Zealand dollar has also climbed against the CAD.\u00a0 The NZD\/CAD trades at 0.7123 from 0.6988 earlier today.<\/p>\n<p><strong>AUD\/CAD Chart <\/strong>&#8211; The AUD\/CAD advancing higher today in currency trading and trading in overbought territory on the Relative Strength Indicator below (30-Minute Chart).<\/p>\n<figure id=\"attachment_2220\" aria-describedby=\"caption-attachment-2220\" style=\"width: 550px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/countingpips.com\/fx\/wp-content\/uploads\/2009\/06\/6-1audcad.gif\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-2220\" title=\"6-1audcad\" src=\"http:\/\/countingpips.com\/fx\/wp-content\/uploads\/2009\/06\/6-1audcad.gif\" alt=\"Today's Forex Chart\" width=\"550\" height=\"400\" \/><\/a><figcaption id=\"caption-attachment-2220\" class=\"wp-caption-text\">Today&#39;s Forex Chart<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Monday, June 1st &#8211; The Canadian Gross Domestic Product decreased in the first quarter of 2009 by the most since 1991&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-2217","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2217","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=2217"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2217\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=2217"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=2217"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=2217"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}