BREAKING: CAD weakens after GDP data from Canada

• GDP Growth Annualized in Canada decreased to 2.90% in the third quarter of 2022 from 3.20% in the second quarter.
• The Gross Domestic Product in Canada expanded 0.70% in the third quarter a fifth consecutive quarter of growth, and following a 0.8% increase in Q2. Growth in exports, non-residential structures, and business investment in inventories were moderated by declines in housing investment and household spending. Exports increased 2.1%, led by crude oil and bitumen, and farm and fishing products. Imports fell 0.4%, reflecting widespread declines in energy products, including crude oil, natural gas, and nuclear fuel. Also, accumulation of non-farm inventories was $46.8 billion, a record high, led by stocks in manufacturing, wholesale trade, and retail trade sectors. On the other hand, housing investment declined 4.1%, a second consecutive fall, coinciding with higher interest rates. Household spending edged down 0.3%, the first decline since Q2 2021, mainly due to expenditures on new trucks, vans and sport utility vehicles, furniture and furnishings, and pharmaceutical products. Also, services growth slowed.
• Monthly GDP MoM in Canada decreased to 0.0% in October from 0.10% in September.

USDCAD broke above resistance level at 1.3500 followind relelase of latest GDP data. Source:xStation5