Search ForexCrunch
  • Canadian economy contracted on a monthly basis in October.
  • Disappointing data weighs on CAD in early American session.

The real Gross Domestic Product (GDP) edged down 0.1% in October to register its first negative reading in eight months, the data published by Statistics Canada showed on Monday. This reading came in slightly worse than the market expectation of 0%.

“Goods-producing industries were down 0.5%, the second consecutive monthly decline,” Statistics Canada further elaborated.  “Services-producing industries were essentially unchanged as increases in most sectors compensated for declines in wholesale trade and retail trade. Overall, 13 of 20 industrial sectors posted increases in October.”

The CAD weakened against its rivals after the disappointing data and the USD/CAD pair was last seen trading at 1.3165, adding 0.15% on the day.