Canadian Dollar futures recovered losses on strong GDP.

September Canadian Dollar futures recovered midday losses to trade down slightly by 0.22%, staying on track for a weekly gain of roughly 0.5%. The currency found support following stronger-than-expected economic data, as Canada's May GDP grew 0.3%-beating the 0.1% forecast-driven by 1% growth in mining, quarrying, and oil and gas extraction. Second-quarter GDP growth is currently estimated at an annualized pace of 3.4%, well above the Bank of Canada's 2.5% projection. While robust economic performance reduces the likelihood of near-term rate cuts by the Bank of Canada, a 125 to 150 basis point yield advantage in U.S. interest rates continues to keep pressure on the currency.