The real Gross Domestic Product (GDP) in Canada increased by 0.1% on a monthly basis in January following December’s expansion of 0.3%, the data published by Statistics Canada showed on Tuesday. This reading came in line with market expectation.
“In January, effects such as reduced trade with China and advisories against non-essential travel to China affected potential growth,” Statistics Canada noted in its press release. “The pandemic will significantly affect economic activity in March and subsequent months.”
Market reaction
The USD/CAD pair edged lower after this data and was last seen trading at 1.4233, still adding 0.45% on a daily basis.
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