- Canadian economy grew at a softer pace than expected in February.
- USD/CAD clings to daily gains near 1.3650 after the data.
The real Gross Domestic Product (GDP) of Canada grew by 0.1% on a monthly basis in February, Statistics Canada reported on Friday. This reading followed January's expansion of 0.6%and came in weaker than the market expectation for a growth of 0.2%.
"Advance information indicates that real GDP edged down 0.1% in March," Statistics Canada further noted in its press relese. "Decreases in retail and wholesale trade sectors, as well as in the mining and quarrying (except oil and gas) subsector were partially offset by increases in the public sector, in professional, scientific and technical services, and in administrative and support, waste management and remediation services."
Market reaction
USD/CAD showed no immediate reaction to this data and was last seen rising 0.35% on the dayat 1.3640.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD hits fresh daily lows under 1.0500
EUR/USD continued to face downward pressure and matched last week's low at 1.0487. It is hovering around 1.0500, as the US Dollar remains strong, supported by higher Treasury yields. The 10-year Treasury yield reached 4.70%, a level not seen since 2007.
GBP/USD drops to six-month lows, eyes 1.2100
GBP/USD retreated further and dropped to 1.2107, hitting the lowest since mid-April. The pair remains under pressure amid higher US Treasury yields, following better-than-expected ISM September Manufacturing PMI data.
Gold approaches $1,800 as demand for the USD prevails Premium
Spot Gold fell to a fresh multi-month low of $1,827.11 a troy ounce on Monday amid resurgent US Dollar demand. The Greenback suffered a minor setback at the beginning of the week, as generally encouraging Chinese data and upbeat United States (US) news underpinned the mood.
Three altcoins that have kickstarted Q4 rally: LINK, RDNT, FLOKI
Crypto market volatility seems to be making a comeback with the start of 2023’s fourth quarter , and some altcoins are already making headway. Chainlink (LINK), Radiant Capital (RDNT) and Floki Inu (FLOKI) are some cryptos that are showing aggressive upside moves.
NIO contracts 2% as Tesla delivery decline weighs on EV sector
Nio (NIO) stock dropped 2.3% on Monday morning despite meeting its quarterly delivery target for the third quarter. Tesla's (TSLA) Q3 production and delivery decline is the culprit.