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Loonie declines after GDP contraction data
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Loonie declines after GDP contraction data
Jun 27, 2025 2:47 PM

The Canadian dollar fell against most major rivals on Friday following data that showed the economy contracted.

Canadas GDP shrank 0.1% in April, while analysts expected no change.

The CAD/USD price fell 0.6% as of 20:29 GMT to 0.7289.

Aussie

The AUD/USD price fell 0.4% as of 20:29 GMT to $0.6521.

US Dollar

The US dollar index rose 0.2% as of 20:13 GMT to 97.3, with a session-high at 97.5, and a low at 97.00.

US Trade Secretary Howard Lutnick confirmed in statements to Bloomberg that a general framework for a trade deal with China has been reached, with the US expecting deals with 10 major trade partners soon.

US President Donald Trump said hes terminating trade talks with Canada after it imposed a digital services tax on US tech corporations.

Trump described Canada as a country difficult to deal with on trade, and considered the new Canadian tax and attack on the US.

As for data, US personal consumption expenditure was up 2.7% y/y in May, above estimates of 2.6%.

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