Canada GDP growth above forecasts

The Canadian economy expanded at 2.3% on quarter in Q4 2020, following a 8.9% increase in the previous period.

The Canadian economy grew only 0.1 % over a month earlier in December, following an upwardly revised 0.8% expansion in the previous month and compared to market expectations of a 0.3 % gain. It is the eight consecutive month of expansion following the biggest contraction on record in March and April.

GDP Growth Annualized in Canada decreased to 9.60 % in the fourth quarter of 2020 from 40.60 % in the third quarter of 2020, above market forecasts of 7.2%.

USDCAD saw a relatively small reaction to today’s data releases. The currency pair continued to trade around the 1.2670 level. Source: xStation5