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  • Canadian economy expanded in November following October’s contraction.
  • USD/CAD pulled away from daily highs on upbeat data.

The real Gross Domestic Product (GDP) expanded by 0.1% on a monthly basis in November following October’s 0.1% contraction, the data published by Statistics Canada showed on Friday. This reading came in slightly better than the market expectation of 0%.

“Goods-producing industries edged up 0.1% after posting declines in September and October, while services-producing industries also edged up 0.1%,” the press release read. “On a three-month rolling average basis, GDP was up 0.1%, down from a 0.2% increase in October.”

USD/CAD reaction

The USD/CAD pair edged lower on the upbeat data and was last seen trading at 1.3225, adding 0.13% on the day.