Canada’s economy expanded by 0.3% in May, outpacing the 0.2% growth forecast by analysts, according to data reported by The Globe and Mail.
The beat provides fresh support for the Canadian dollar, which remains on track to close July with a monthly gain against the US currency despite a modest intraday decline on Friday.
The loonie traded 0.1% lower against the greenback in Friday sessions, but the broader monthly trend remains positive.
The loonie traded 0.1% lower against the greenback in Friday sessions, but the broader monthly trend remains positive.
The stronger-than-anticipated GDP print helps offset short-term selling pressure, reinforcing the currency's resilience amid mixed global growth signals.
Investors are interpreting the data as a sign that the Canadian economy is maintaining momentum, even as neighboring economies show varying degrees of strength.
The release comes as markets digest a complex macroeconomic landscape.