Canada: Real GDP expands by 0.1% in July vs -0.1% expected

• Real GDP in Canada grew by 0.1% in July as expected.
• USD/CAD posts strong daily gains, trades above 1.3700.

Real Gross Domestic Product (GDP) in Canada grew by 0.1% on a monthly basis in July, Statistics Canada reported on Thursday. This reading followed June's expansion of 0.1% and came in better than the market expectation for a contraction of 0.1%.

"Advance information indicates that real GDP was essentially unchanged in August," Statistics Canada further noted in ints press release. "Increases in retail and wholesale trade, as well as in agriculture, forestry, fishing, and hunting were offset by decreases in manufacturing and oil and gas extraction."

Market reaction

The USD/CAD pair edged higher after this report and was last seen gaining 0.8% on the day at 1.3715.