BREAKING: CAD weakens after downbeat GDP data

GDP Growth Annualized in Canada decreased to -1.10 % in the second quarter of 2021 from 5.50 % in the first quarter of 2021. On the monthly basis the economy expanded 0.7% MoM in June, against a decline of 0.3% MoM in May and in line with market expectations. In quarterly terms, the economy shrinks by 0.4% q / q against the previous increase of 1.4% q / q. In the 3 months to June, increases in investment in business inventories, government expenditure, business investment in machinery and equipment, and investment in new home construction and renovation were not sufficient to offset the declines in exports (-4%) and home ownership transfer costs (-17.7%), which include all costs associated with the transfer of a residential asset from one owner to another. Imports were flat.

USDCAD bounced off 1.2575 support after today's data release and is heading towards 50 SMA (green line) which coincides with downward trendline. Source:xStation5

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Economic reports

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