- Canadian economy stayed flat in July following four straight months of growth.
- The Loonie came under renewed selling pressure on disappointing data.
According to the data published by Statistics Canada, the Canadian economy, as measured by the gross domestic product (GDP), stagnated in July following June’s expansion of 0.2% and missed the market expectation of +0.1%.
With the initial market reaction, the USD/CAD pair jumped to a fresh daily high of 1.3290 and was last seen trading at 1.3285, adding 0.35% on a daily basis.
“Following four months of growth, real gross domestic product was essentially unchanged in July as a decline in goods-producing industries was offset by an increase in services-producing industries,” Statistics Canada said in its press release.
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