Canada: Real GDP contracted 0.1% in February vs 0% expected

The data published by Statistics Canada on Tuesday showed that the real GDP in Canada contracted 0.1% on a monthly basis in February following March's 0.3% growth and came in worse than the market expectation for a no-change. With the initial market reaction, the USD/CAD pair pulled away from daily lows near 1.3420 and was last seen flat on a daily basis around mid-1.34s.

Other data from Canada revealed that the Raw Material Price Index (RMPI) and the Industrial Product Price Index (IPPI) increased by 2.8% and 1.3% on a monthly basis in March.