- The Canadian economy expanded at a stronger rate than expected in November.
- USD / CAD continues to push lower after solid data.
Canada’s real Gross Domestic Product (GDP) it expanded 0.7% in November to mark its seventh consecutive monthly expansion, data released by Statistics Canada on Friday showed. This reading was higher than the market expectation of 0.4%.
Key takeaways
“Total economic activity was approximately 3% below the pre-pandemic level in February.”
“Preliminary information indicates an increase of approximately 0.3% in real GDP for December.”
“After a 0.5% contraction in October, the manufacturing sector grew 1.7% in November.”
Market reaction
The USD / CAD it fell after the upbeat GDP report and was last seen shedding 0.5% on the day at 1.2763.
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