Investing.com - Canada's economy shrank unexpectedly in September, fueling concerns over the country’s economic outlook and boosting speculation policymakers will provide fresh stimulus to boost growth, official data showed on Tuesday.
In a report, Statistics Canada said gross domestic product fell by a seasonally adjusted 0.5% in September, disappointing forecasts for growth of 0.1%. Canada’s economy grew 0.1% in August.
Year-over-year, Canada’s economy expanded at an annualized rate of 2.3% in September, below expectations for 2.4% and following contraction of 0.3% in the preceding month.
USD/CAD was trading at 1.3390 from around 1.3331 ahead of the release of the data.