Canada Gross Domestic Product grows 0.3% in October vs. 0.1% expected

• Canadian economy expanded at a stronger pace than expected in October.
• USD/CAD trades in positive territory above 1.4400 on Monday.

Canada’s Gross Domestic Product (GDP) grew 0.3% on a monthly basis in October, Statistics Canada reported on Monday. This reading followed the 0.2% expansion (revised from 0.1%) recorded in September and came in above the market expectation of 0.1%.

Other data from Canada showed that the Industrial Product Price rose 0.6% in November, while the Raw Material Price Index declined by 0.5%.

Market reaction

USD/CAD showed no immediate reaction to these figures and was last seen rising 0.28% on the day at 1.4415.