- Canadian economic activity continued to expand in October.
- USD/CAD continues to trade in daily range below 1.2900 after the data.
Real Gross Domestic Product (GDP) expanded by 0.4% in October to mark its sixth straight monthly growth, the data published by Statistics Canada showed on Wednesday. This reading followed September’s expansion of 0.8%.
“The upward movement of real GDP continued to offset the steepest drops on record in Canadian economic activity observed in March and April,” the publication read. “Total economic activity was about 4% below February’s pre-pandemic level.”
Market reaction
The CAD failed to capitalize on this data and the USD/CAD pair was last seen losing 0.2% on the day at 1.2880.
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