Trading at 0.9963, the USDCAD currency pair continues to fall past parity on a positive GDP report for the world’s tenth largest economy.  According to Statistics Canada, gross domestic product for the Canadian economy rose for the third straight month in August – boosted by uplifted oil production and gains in the country’s financial and insurance sectors.  For the month, expansion was at a rate of 0.3% – beating out earlier forecasts of a 0.2% gain.  The annualized pace now looks to be in the 2.8-2.9% range, a bit higher than anticipated by the country’s central bank earlier this month.

Although optimistic, the report did show some weakness as manufacturing and utility sectors showed minor losses – falling by 0.4% and 0.8% respectively.

Overall the report was viewed as a positive addition to the string of recent Canadian data.  However, this morning’s survey findings are unlikely to change the Bank of Canada’s view of the economy – as well as their current monetary stance.  Earlier this month, Bank of Canada Governor Mark Carney hinted that current monetary is likely to remain in place for sometime, as policymakers’ concerns over Europe and the global economy continue to loom.  This will likely keep current BOC forecasts steady for the meantime until policymakers see continued upticks in the country’s figures over the coming quarters.