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GDP in Canada was expected to rise by 0.2% in May after +0.1% in April. This is the second release for Q1. The year on year number is +1.6%, as expected as well.

USD/CAD traded above 1.03, falling on the good ADP Non-Farm Payrolls publication in the US.

At the same time, also the US released its GDP figure, which exceeded expectations and rose by 1.7% on an annual basis.

Earlier, also the US ADP Non-Farm Payrolls came out stronger than expected, at +200K. So, the move in USD/CAD is more related to the strength of the US dollar than the weakness of the Canadian one.

For more, see the Canadian dollar forecast.