- The Canadian dollar is trading at its lowest level since early July after Canada's GDP unexpectedly shrank in August.
- The currency has lost about 7% since the Bank of Canada hiked rates at its September meeting.
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The Canadian dollar hits its lowest level in 3.5 months after GDP unexpectedly shrinks
The loonie is down about 7% since the Bank of Canada's September rate hike.
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The Canadian dollar, or loonie, is trading at its lowest level since early July, down 0.46% at 1.2893 per US dollar, after Canada's GDP unexpectedly shrank in August.
Tuesday's GDP report showed the Canadian economy contracted 0.1% month-over-month, making for its first negative print in a year. Wall Street economists were expecting 0.1% MoM growth. Additionally, the economy grew at a 3.5% year-over-year clip, missing the 3.6% growth economists were anticipating.
The loonie has been under pressure, falling about 7%, since shortly after the Bank of Canada surprised markets with a rate hike at its September meeting. At the time, the BOC said, "
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