The Canadian Dollar strengthened against the US Dollar, an the report indication that the country’s economy paused its growth in October. The USD/CAD rose 67 base points or 0.52% to enter the 1.2780 area, but got back gradually to the 1.2707 level.
The Canadian economic expansion stalled in October, reinforcing forecasts that the growth cooled in H2 of the year, while lowering expectations that the Bank of Canada would raise interest rates in January. Statistics Canada said that the nation’s gross domestic product was flat in the reported month, following an unrevised 0.2% rise in the prior month. The soft figures were set out by gas and oil extraction that was offset by stronger retail and wholesale trade sectors.
