USD/CAD gains traction above the 1.3250 mark, eyes on Canadian, US employment data – by lilyfinancial USDCAD Majors Macroeconomics
The Canadian Gross Domestic Product grew by 0.3% in May, matching market consensus.
Statistics Canada showed on Friday that the Canadian Gross Domestic Product grew by 0.3% in May, matching market consensus. However, the figure is likely to contract in June, suggesting an economic slowdown in the country. This could bring an end to the Bank of Canada's tightening cycle that has pushed interest rates to a 22-year high.
Meanwhile, the uptick in oil prices has supported the Loonie and offset a slowdown in the Canadian manufacturing sector. Higher crude prices strengthen the Canadian Dollar, as the country is the leading oil exporter to the United States.
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