FXstreet.com (Córdoba) - Canada's monthly GDP data for May slightly disappointed with only marginal growth of 0.1%. "A weaker manufacturing sector, similar to the current trend in the US and in the Eurozone, was offset by mining, oil and gas extraction, which contributed most to GDP growth", says the UBS analyst team.
"This reflects ongoing worldwide commodity demand, which should support the CAD going forward", they say. "The CAD continues to be around parity to the USD. We expect the USDCAD to eventually break below parity reaching 0.98 within 1 month".
"This reflects ongoing worldwide commodity demand, which should support the CAD going forward", they say. "The CAD continues to be around parity to the USD. We expect the USDCAD to eventually break below parity reaching 0.98 within 1 month".
