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.

Eren Sengezer FXStreet

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.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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