BREAKING: USDCAD ticks lower after data from Canada and US

Canadian monthly GDP report for May and US employment costs index for Q2 2024 were both released at 1:30 pm BST today. Canadian report was expected to show a 0.1% MoM expansion, following a 0.3% MoM expansion in April, while US data was expected to show employment costs increasing 1.0% QoQ, following a 1.2% QoQ increase in Q1 2024.

Actual data showed a 0.2% MoM expansion in Canadian GDP in May, while US employment cost index increased 0.9% QoQ. USDCAD dropped in response, continuing downward move launched earlier today. However, scale of the reaction has been rather limited with USDCAD dropping less than 0.1% in the first minutes following the release.

Source: xStation5