• Canadian economy expanded by 0.3% in April as expected.
• The USD/CAD pair retreated toward 1.2900 after this data. 

Led by growth in goods-producing industries, the real Gross Domestic Product of Canada grew by 0.3% on a monthly basis in April, Statistics Canada reported on Thursday. This print followed March's expansion of 0.7% and came in line with the market expectation.

Market reaction

The USD/CAD pair, which touched a six-day high of 1.2933 earlier in the day, lost its traction after this data and was last seen posting small daily gains at 1.2906.