Canadian Dollar jump as GDP grew 0.3% in Jan, well above expectation

Canadian Dollar jumps after stronger than expected GDP report. Real GDP grew 0.3% mom in January, well above expectation of 0.1% mom. It’s also strong enough to offset contraction in both December and November. On three month rolling average basis, real GDP edged up 0.1%, unchanged from the three-month rolling average in December. Manufacturing and construction contributed most to January’s GDP growth. Ning and oil and gas extraction contracted.

Full GDP release here.

Also from Canada, IPPI rose 0.3% mom in February while RMPI rose 4.6% mom.