Forexpros – Canada’s economy unexpectedly shrank in February, following modest 0.1% growth in January, official data showed on Monday.
In a report, Statistics Canada said gross domestic product contracted by a seasonally adjusted 0.2% in February, defying expectations for growth of 0.2%.
Canada’s economy grew by a modest 0.1% in January.
Canada’s gross domestic product expanded at an annualized rate of 1.6% in February, disappointing expectations for a 2.1% increase, following growth of 1.7% in the previous month.
Following the release of the data, the Canadian dollar added to losses against its U.S. counterpart, with USD/CAD jumping 0.54% to trade at 0.9859.
Forexpros
