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The Canadian economy grew by 0.2%. RMPI is only +0.6% and IPPI is only +0.1%, Canada was expected to report a growth rate of 0.2% in February  after a strong 0.5% growth rate in January. Canada releases GDP once a month. The headline figure is as expected but the secondary ones fell short.

USD/CAD was trading on low ground before the release. The pair remains around 1.0950 after a few choppy moves.– updates coming —

The Canadian Raw Materials Price Index (RMPI) for March was  predicted to rise by 0.8%. The Industrial Product Price Index (IPPI) carried expectations for a rise of 0.5%.

At the same time, the US also released  GDP numbers: the  initial  estimate for Q1 and in the US we have a big disappointment. The US grew by only 0.1% (annualized).

Despite some stronger data from Canada, the BOC remains somewhat dovish and has not totally ruled out rate cuts.

For more on the Canadian dollar, see the USDCAD prediction.