Canadian GDP shrinks by 0.1% in July, better than expected, USD/CAD trades around 1.27

Canada reported a minor drop of 0.1% in Gross Domestic Product in July compared with 0.2% projected. The northern nation's economy expanded by 0.6% in June according to the latest revision, down from 0.7% initially reported. On balance, Canadian growth has met economists' expectations. 

USD/CAD is trading just under 1.27, marginally higher on the day. The Canadian dollar is under pressure as oil prices remain stable despite a surge in natural gas prices around the world. 

In parallel, the US Core Personal Consumption Expenditure (Core PCE) came out at 3.6% YoY, meeting projections. The ISM Manufacturing PMI is up next.