Michael Woolfolk Economic Quotations

There are strong economic fundamentals backing not only the U.S. economy but the U.S. dollar right now. We are likely to get two more rate hikes.

The monthly GDP report fed into underlying CAD strength. With political risk subsiding, rising interest rates and fundamental economic strength are prompting CAD buying, which is expected to continue through year-end as USD/CAD heads for the 1.10 mark.

This was undeniably a positive report. Today's report could very well tip off a strong, albeit short, week for U.S. economic data.

There's a very positive economic story of investors being more willing to take risks and buy equities and less willing to take low rates on bonds.

The market is happy with the number as it shows strength in Canada's economic growth. Investors are willing to buy the Canadian dollar.