Canadian dollar heads for fourth straight monthly gain as GDP beats estimates
TORONTO, May 30 (Reuters) - The Canadian dollar strengthened against its U.S. counterpart on Friday, and was headed for a monthly gain, as stronger-than-expected Canadian economic growth bolstered expectations the Bank of Canada would continue to leave interest rates on hold at a policy decision next week.
The loonie was trading 0.4% higher at 1.3750 per U.S. dollar, or 72.73 U.S. cents, after moving in a range of 1.3740 to 1.3829.
For the month, the currency was on track to gain 0.3%. That would be its fourth straight monthly advance, the longest such stretch since May 2021.
Canadian gross domestic product increased at an annualized rate of 2.2% in the first quarter, eclipsing the 1.7% rise that economists had expected, as U.S. companies rushed to stockpile Canadian goods before the implementation of tariffs. A separate report showed GDP rising 0.1% in March from February, while a preliminary estimate for April also showed a gain of 0.1%.
"The odds favour a hold at next week's Bank of Canada meeting," Karl Schamotta, chief market strategist at Corpay, said in a note.
It's possible "that the flow of credit into Canadian households unleashed by last year's rate-cutting cycle is translating into more spending power," Schamotta added.
Investors see a roughly 75% chance the BoC leaves its benchmark interest rate unchanged at 2.75% on Wednesday. The central bank moved to the sidelines in April for the first time since its easing campaign began last June.
The price of oil , one of Canada's major exports, was trading 1.2% lower at $60.20 a barrel as investors weighed prospects of a potentially larger OPEC+ output hike for July.
The Canadian 10-year yield was little changed at 3.205% as U.S. Treasury yields declined following data that showed American inflation was in line with expectations last month.
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