Canada: Real GDP expands by 0.7% in June as expected

• Canada's GDP grew by 1.1% on a monthly basis in June.
• USD/CAD is edging higher toward 1.2600 after the GDP report.

Canada's Real Gross Domestic Product (GDP) expanded at a monthly rate of 0.7% in June, the data published by Statistics Canada showed on Tuesday. This reading came in line with the market expectation.

Further details of the report revealed that the annualized GDP contracted by 1.1% in the second quarter, missing analysts' estimate for a growth of 2.5% by a wide margin.

Market reaction

The USD/CAD edged higher following this report and was last seen trading at 1.2592, losing 0.07% on a daily basis.