The Loonie rallied to 1.3207 in the early North American session but failed to push any higher and gave up all gains pulling back down to 1.3160 at the time of writing.
Statistics Canada announced that the Industrial Product Price Index (IPPI) fell 0.3% in January to post its third straight decline. Additionally, the current account deficit rose to 15.48 billion CAD in Q4 from 10.11 billion CAD.
Looking ahead, today sees the release of fourth-quarter GDP. The economy contracted 0.1% in November, its second decline in three months. Another soft reading is expected in December, with a forecast of 0.0%. Also, we have a Manufacturing PMI. The indicator continues to post scores above the 50-level, pointing to contraction. Still, the indicator has slowed in the past two readings, raising concerns about the strength of the manufacturing sector.