Investing.com –Canada's economy returned to expansion in June, beating consensus after the prior month’s contraction, although the annualized reading for the second quarter registered a larger than expected contraction, official data showed on Wednesday.
In a report, Statistics Canada said gross domestic product (GDP) rose 0.6% in June from a month earlier, compared to forecasts for a 0.4% expansion in line with forecasts.
Canada’s economy had contracted 0.6% in May.
Quarter-over-quarter, Canada’s economy contracted at an annualized rate of 1.6% in the second quarter, worse than expectations for a decline of 1.5%.
That followed growth of 2.5% in the preceding quarter, that was revised upwards from an initial figure of 2.4%.
After the report, the USD/CAD was trading at 1.3099 from around 1.3113 ahead of the release of the data.