Loonie Remains Soft vs. Greenback Ahead of GDP Report

The Canadian dollar remained soft today against its US counterpart after yesterday’s losses on concerns that today’s report will show that the nation’s economy shrank last quarter.
Analysts estimated ahead of the official data that Canadian gross domestic product shrank 0.4 percent in the second quarter of this year. Meanwhile, US GDP expanded faster than was expected, showing that the US economy fares better than the Canadian one. Furthermore, economic growth in the United States increases chances for quantitative easing tampering in September.
USD/CAD was at 1.0529 as of 3:23 GMT today after climbing from 1.0483 to 1.0531 on the previous trading session.

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