The Canadian Dollar weakened significantly against the Greenback, reflecting disappointing GDP data on Tuesday. The USD/CAD currency pair added 69 base points or 0.54% to return to the past week’s high of 1.290 and remained in the area by Wednesday morning.
Statistics Canada revealed that the country’s gross domestic product contracted surprisingly 0.1% in the month of August, following the flat reading in the prior month. Data suggested that the decline was caused by maintenance shutdowns in the extractive and chemical industries. Back to the previous week, the Bank of Canada diminished its yearly growth projection to 1.8% in the Q3, and confirmed its cautious stance about the next interest rate increases.
