Canada: Real GDP contracts by 0.3% in May as expected

• Canadian economy continued to contract at a modest pave in May.
• USD/CAD stays in the negative territory below 1.2450.

Canada's Real Gross Domestic Product (GDP) contracted at a monthly rate of 0.3% in May, the data published by Statistics Canada showed on Friday. This print followed April's decline of 0.5% and came in line with the market expectation. 

"Preliminary information indicates an approximate 0.7% increase in real GDP for June," the publication further read. "Total economic activity was approximately 2% below February 2020's pre-pandemic level."

Market reaction

The USD/CAD pair largely ignored this report and was last seen losing 0.08% on a daily basis at 1.2433.