Investing.com - Canada's economy grew more than expected in June, easing concerns over the country’s economic outlook, official data showed on Tuesday.
In a report, Statistics Canada said gross domestic product rose by a seasonally adjusted 0.5% in June, beating forecasts for growth of 0.2%. Canada’s economy shrank 0.2% in May.
On an annualized basis, Canada’s gross domestic product shrank at a rate of 0.5% in June, compared to expectations for a decline of 1.0% and following a contraction of 0.8% in the preceding month.
USD/CAD was trading at 1.3139 from around 1.3198 ahead of the release of the data.