Statistics Canada reported strong GDP numbers on Thursday.

The real gross domestic product (GDP) rose 1.1% in the second quarter, following a 0.9% gain in the first quarter.

The cumulative growth in the first two-quarters of the year (+2.0%) was the strongest since 2002 (+2.1%).

Household final consumption expenditure and exports of goods were important contributors to second quarter growth. 

Expressed at an annualized rate, real GDP rose 4.5% in the second quarter. 

The Canadian dollar reacted to the news by breaking over 0.80 cents U.S.  

"It's definitely good for the country," said Jay Christensen, Wealth Planning Specialist for Valley First. "A strong GDP means that we're creating more goods, selling more goods, the economy is growing and really that trickles down to all Canadians because it creates more jobs and creates more industry."

Christensen added that with a strengthened economy, the government can now look at raising interest rates further.

One negative, however, is that it will become harder for foreign investors to buy our products because they get more expensive in relation to their currency.

It will also make it more difficult for Canadian companies that strictly export, who are also dealing with uncertainty around NAFTA negotiations at the moment.

"It's going to affect those companies because, not only are they renegotiating NAFTA, but also now their products are a little bit more expensive," Christensen said. "Overall, globally, it's a good thing to have strong GDP for sure."

As for the future of the dollar, relative to the American dollar, Christensen believes it will creep up in the short term and will probably find a long term home between 80 and 85 cents.