CAD Drops on GDP Report, Pares Losses

Canada’s gross domestic product grew in April less than was expected by analysts, triggering a drop of the Canadian dollar. The currency is currently recovering, trimming losses versus the Japanese yen and trading close to the opening level against its US peer.
GDP expanded 0.1 percent in April, at the same rate as in March. The growth was below the median forecast of 0.2 percent. The loonie (as the Canadian currency is nicknamed) dropped due to the report initially but managed to recover some of its strength by now, retaining its bullish bias in a longer term.
USD/CAD traded at about 1.0669 as of 18:34 GMT today after rising from 1.0664 to 1.0696 earlier. CAD/JPY dropped from 94.99 to 94.90 following the decline to 94.76.

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