Canada: Real GDP grows by 1.1% in March vs. 1% expected

• Canadian economy continued to grow at a modest pace in March.
• USD/CAD pair stays in the negative territory below 1.2050 after the data.

Canada's Real Gross Domestic Product (GDP) expanded at a monthly rate of 1.1% in March, the data published by Statistics Canada showed on Tuesday. This reading came in slightly higher than the market expectation of 1% and followed February's growth of 0.4%.

On a quarterly basis, the Canadian economy grew by 5.6% in the first quarter, compared to analysts' estimate of 6.7%.

Market reaction

The USD/CAD pair showed no immediate reaction to this report and was last seen losing 0.24% on a daily basis at 1.2033.