— more to come
Canada was expected to report an annualized fall of 10% in first-quarter Gross Domestic Product. The nation’s provinces entered lockdown during March in order to curb coronavirus. The fall in oil prices, a critical Canadian export, had begun earlier in the quarter when demand from China diminished.
For comparison, the US economy squeezed at an annual pace of 5% in Q1 according to updated statistics. The eurozone suffered an annualized fall of around 15%.
USD/CAD had been dropping ahead of the publication, trading closer to 1.37 amid US dollar weakness. The greenback is on the back foot amid end-of-month flows and uncertainty about Sino-American relations, ahead of President Donald Trump’s speech on China.
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