Canada: Real GDP essentially unchanged in May

• Real GDP in Canada stayed unchanged in May.
• USD/CAD trades in the positive territory near 1.2850.

The real Gross Domestic Product (GDP) of Canada was essentially unchanged on a monthly basis in May, following a 0.3% expansion in April, Statistics Canada reported on Friday. This reading came in better than the market expectation for a contraction of 0.2%.

"Growth in services-producing industries (+0.4%) was offset by a decline in goods-producing industries (-1.0%), as 14 of 20 industrial sectors increased in May," the publication read.

Market reaction

The USD/CAD pair was last seen rising 0.3% on the day at 1.2840 with the dollar gathering strength on stronger-than-expected PCE inflation data.