Statistics Canada released its month-over-month GDP report. The latest figure was 0.3% for June compared to May. This was better than the 0.1% average forecast. May's reading was 0.6%, which followed a strong 0.5% in April. The 2nd quarter saw 4.5% growth. This strong growth reading is helping the case for a September rate hike, which is fueling the loonie right now. Otherwise, the market still is anticipating an October rate hike.USD/CAD Daily Chart(click to enlarge)Rate Hike Priced in:- The Canadian Dollar has been gaining before August, due to expectations of a BoC rate hike by the end of the year.- USD/CAD has slide to 1.2415 before consolidating throughout August. - As we wrap up the month with a strong CAN GDP report, we might see the market price in an even earlier rate hike, for September.- That means the 1.2415 low is vulnerable going into September.