USD/CAD: Canadian GDP

The US Dollar appreciated against the Canadian Dollar, following the Canadian GDP data release on Tuesday at 12:30 GMT. The USD/CAD exchange currency rate gained 14 pips or 0.11% right after the release. The Greenback continued trading at the 1.3286 level against the Canadian Dollar.

Statistics Canada released the Canadian GDP data, which came out worse-than-expected of 0.0% compared to the forecast of 0.1%.

According to the official release: "Following four months of growth, real gross domestic product was essentially unchanged in July as a decline in goods-producing industries was offset by an increase in services-producing industries. Goods-producing industries were down 0.7% in July as output from all subsectors declined, with the exception of utilities. Services-producing industries were up for the fifth consecutive month, rising 0.3% as the majority of subsectors grew. On a three-month rolling average basis, real gross domestic product increased 0.8%, the same growth rate as in June."