Canada: GDP expanded by 0.3% in April vs. 0.1% expected
|- Canadian economy expands more than expected in April.
- Raw material prices decline sharply in May following April's growth.
The data published by Statistics Canada on Friday revealed that the real Gross Domestic Product (GDP) grew 0.3% on a monthly basis in April to surpass the market expectation of 0.1% but this reading came below the previous figure of 0.5%.
Other data from Canada showed that the Raw Material Price Index (RMPI), which rose 5.7% in April, declined by 2.3% in May and the Industrial Product Price Index (IPPI) rose only 0.1%.
With the knee-jerk reaction, the USD/CAD pair slumped to its lowest level since late January at 1.3070 and was last seen trading at 1.3085, losing 0.05% on the day.
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