Another month, another slide in the Canadian economy:Â instead of growing 0.1% as expected, the economy squeezed by the same scale at the wake of Q2. No revision was reported for March. Year over year, growth is 1.2% after 1.5% in March.
USD/CAD tops 1.24 after this disappointment, which follows the previous one.
A slump in oil production has been a drag on the economy.
Canada was expected to report a rise of 0.1% in monthly GDP for the month of April, the first month of Q2 2015. This follows a contraction of 0.2% in March (before revisions).
USD/CAD traded around 1.2363 before the publication, dropping from higher levels around 1.24 seen earlier in the day.
Canada has suffered from the drop in oil prices, a critical export for the country. The Bank of Canada maintains a neutral bias after surprising with a rate cut in January. Inflation has been relatively high and prevented a dovish stance.
More:Â USD/CAD Recovering With Caution
