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Canada’s GDP grew by 0.1%, within expectations. This was the release for the month of April – the first report  for Q1 2013. Canada is apparently growing slowly like the US is.

USD/CAD traded just under 1.05 before the publication and is now sliding a bit lower below 1.0480.

The loonie fell after the big tapering announcement by Bernanke and the subsequent weak retail sales and CPI reports in Canada. The continued growth, even if unsurprising, supports the Canadian dollar.

The Raw Materials Price Index rose by 0.2%, below expectations of +0.5%. The IPPI remained flat. In March, the economy grew by 0.2%. The next big Canadian event is the release of the jobs report next Friday. They jumped 95K last month.

Support appears at 1.0446, and resistance is at 1.0523. For more, see the Canadian dollar forecast.