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Statistics Canada today announced that the real  gross domestic product (GDP) grew 0.9% in the second quarter after expanding 0.1% in the previous two quarters. On a yearly basis, the growth rate came in at 3.7% to surpass the market expectation of 3% by a wide margin.

With the initial market reaction, the Loonie gathered strength against its rivals and the USD/CAD pair slumped to a daily low of 1.3245. As of writing, the pair was losing 0.2% on the day at 1.3258.