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Another month, another slide in the Canadian economy:  instead of growing 0.1% as expected, the economy squeezed by the same scale at the wake of Q2. No revision was reported for March. Year over year, growth is 1.2% after 1.5% in March.

USD/CAD tops 1.24 after this disappointment, which follows the previous one.

A slump in oil production has been a drag on the economy.

Canada was expected to report a rise of 0.1% in monthly GDP for the month of April, the first month of Q2 2015. This follows a contraction of 0.2% in March (before revisions).

USD/CAD traded around 1.2363 before the publication, dropping from higher levels around 1.24 seen earlier in the day.

Canada has suffered from the drop in oil prices, a critical export for the country. The Bank of Canada maintains a neutral bias after surprising with a rate cut in January. Inflation has been  relatively high and prevented a dovish stance.

More:  USD/CAD Recovering With Caution