USD/CAD: Canadian GDP

The US Dollar depreciated against the Canadian Dollar, following the Canadian GDP release on Friday at 12:30 GMT. The USD/CAD currency pair lost 54 pips or 0.40% right after the release. The US Dollar continued trading at the 1.3370 level against the Canadian Dollar.

The Statistics Canada released the Canadian GDP data, which came better-than-expected of 0.3% compared with forecasted 0.1%.

Josh Nye, senior economist at Royal Bank of Canada, said: "Gains were broadly-based with 18 of 20 industries expanding in the month. The energy sector was less of a drag than we thought, though oil and gas output still fell as Alberta's mandatory production cuts took effect. Construction and manufacturing industries posted solid gains after softening toward the end of last year. The services sector grew at a trend-like pace, having provided consistent support over this recent soft patch in growth."