Canada: Monthly GDP essentially unchanged in February

Canada's economy is expected to contract by 2.6% in first quarter.
USD/CAD continues to trade in tight range below 1.3900.

Eren Sengezer FXStreet

The Canadian economy stagnated in February with the monthly GDP printing 0% growth, the data published by Statistics Canada showed on Thursday. This reading came in lower than the market expectation for an expansion of 0.1%.

"Flash estimates for March 2020 (-9%) and the first quarter of 2020 (-2.6%) were released by Statistics Canada on April 15," the press release further read. "The March and first quarter of 2020 estimates remain the same following this release of gross domestic product (GDP) by industry for February."

Market reaction

The USD/CAD pair largely ignored these figures and was last seen trading flat on the day near 1.3880.

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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