Canada GDP grows 1% in Q3 as expected

• Canada’s GDP expanded by 1% in Q3, matching analysts’ estimate.
• USD/CAD trades modestly higher on the day above 1.4000.

Canada’s Gross Domestic Product (GDP) expanded at an annual rate of 1% in the third quarter, Statistics Canada reported on Friday. This reading followed the 2.2% growth recorded in the second quarter and matched the market expectation.

On a quarterly basis, the Canadian economy grew by 0.3%, while expanding by 0.1% on a monthly basis in September.

Market reaction

USD/CAD edged higher with the immediate reaction to this report and was last seen gaining 0.1% on the day at 1.4028.