Canada: Real GDP grows by 0.7% in November vs. 0.4% expected

• Canadian economy expanded at a stronger pace than expected in November.
• USD/CAD continues to push lower after the strong data.

Canada's Real Gross Domestic Product (GDP) expanded by 0.7% in November to mark its seventh straight monthly expansion, the data published by Statistics Canada showed on Friday. This reading came in higher than the market expectation of 0.4%.

Key takeaways

"Total economic activity was about 3% below the pre-pandemic level in February."

"Preliminary information indicates an approximate 0.3% increase in real GDP for December."

 "Following a 0.5% contraction in October, the manufacturing sector grew 1.7% in November."

Market reaction

The USD/CAD edged lower after the upbeat GDP report and was last seen losing 0.5% on the day at 1.2763.