Investing.com – Growth in Canada's economy contracted more than expected in March, official data showed on Tuesday.
In a report, Statistics Canada said gross domestic product (GDP) contracted 0.2% in March from a month earlier, in line with forecasts. Canada’s economy had contracted 0.1% in February.
Quarter-over-quarter, Canada’s economy expanded at an annualized rate of 2.4% in the first quarter, below expectations for an advance of 2.9% and following growth of 0.5% in the preceding quarter, that was revised downwards from an initial figure of 0.8%.
The loonie weakened after the release that was accompanied by strong U.S. consumer spending and solid U.S. inflation data. The USD/CAD traded at 1.3060 from around 1.3031 ahead of the release of the data.