According to Statistics Canada, the GDP Growth Rate expanded more than expected by 1.0% on a yearly basis during the October-December period, reversing the 1.1% annual contract.

In addition, the GDP Growth Rate increased by 0.2% vs. the previous quarter, while preliminary readings expect the Canadian economy to have expanded by 0.4% in January.

Market reaction to Canadian GDP Growth Rate data

USD/CAD reverses its initial gains and hovers around the 1.3570 in the wake of the release, all following the earlier uptick to the 1.3600 barrier on Thursday.