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  • Canadian real GDP expands by 0.2% in May.  
  • USD/CAD comes under strong bearish pressure following the data.

According to the monthly data published by Statistics Canada, the real economy expanded by 0.2% on a monthly basis in May following April’s reading of 0.3% and came in slightly better than the market expectation of 0.1%.  

Other data from Canada revealed that the Raw Material Price Index and Industrial Product Price Index declined by 5.9% and 1.4%, respectively, in June.

The upbeat GDP data seems to be helping the Loonie gather strength against its major rivals. As of writing, the USD/CAD pair was down 0.1% on the day at 1.3135.