Canada: Real GDP expands 0.4% in Q4 (YoY) vs 1.2% expected

According to Statistics Canada, real GDP in Canada contracted by 0.1% on a monthly basis in December and dragged the annual growth rate for Q4 down to 0.4% from 2% and missed the market expectation of 1.2% by a wide margin. With the initial reaction, the USD/CAD gained more than 60 pips and was last seen adding 0.27% on the day at 1.3202.