- Canada’s economy is expected to contract by 2.6% in first quarter.
- USD/CAD continues to trade in tight range below 1.3900.
The Canadian economy stagnated in February with the monthly GDP printing 0% growth, the data published by Statistics Canada showed on Thursday. This reading came in lower than the market expectation for an expansion of 0.1%.
“Flash estimates for March 2020 (-9%) and the first quarter of 2020 (-2.6%) were released by Statistics Canada on April 15,” the press release further read. “The March and first quarter of 2020 estimates remain the same following this release of gross domestic product (GDP) by industry for February.”
Market reaction
The USD/CAD pair largely ignored these figures and was last seen trading flat on the day near 1.3880.
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