Canadian April GDP:
- March April GDP contracted 0.2% (unrevised)
- April GDP up 1.2% y/y
- March GDP rose 1.5% y/y
USD/CAD was at 1.2366 ahead of the report and surged a half-cent to 1.2410 on the data.
The major drag was mining, which includes the oil industry. It was the sixth consecutive decline and included a 3.4% in the oil & gas subcomponent. StatsCan said it wasn't just low prices but maintenance shutdowns and production difficulties were also factors.
Manufacturing -- given the weak Canadian dollar -- is also a disappointment.
