USDCAD surges almost 0.5% after Canadian monthly GDP miss

MoM GDP reading from Canada (April) came in 0.2% vs 0.3% exp. and 0.4% previously

Weaker than expected Canadian GDP data pressured the Canadian dollar, and as we can see, USDCAD pair surged after the reading.

At the same time, US BLS commented that US compensation costs for civilian workers increased 4.2% for the 12-month period ending in March 2024 and increased 4.8% in March 2023.

Wages and salaries increased 4.4% for the 12-month period ending in March 2024 vs 5% for the 12-month period ending in March 2023. US employment costs came in 1.1% vs 1% exp. and 0.9% previously.

Source: xStation5

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