Canada GDP grows 1% in Q3 as expected
FXStreetNov 29, 2024 1:35 PM
- 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.
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