Canada reported a minor drop of 0.1% in Gross Domestic Product in July compared with 0.2% projected. The northern nation's economy expanded by 0.6% in June according to the latest revision, down from 0.7% initially reported. On balance, Canadian growth has met economists' expectations.
USD/CAD is trading just under 1.27, marginally higher on the day. The Canadian dollar is under pressure as oil prices remain stable despite a surge in natural gas prices around the world.
In parallel, the US Core Personal Consumption Expenditure (Core PCE) came out at 3.6% YoY, meeting projections. The ISM Manufacturing PMI is up next.
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