Canada's economy falls by 8.2% annualized in Q1, better than expected, USD/CAD shakes

-- more to come

Canada was expected to report an annualized fall of 10% in first-quarter Gross Domestic Product. The nation's provinces entered lockdown during March in order to curb coronavirus. The fall in oil prices, a critical Canadian export, had begun earlier in the quarter when demand from China diminished. 

For comparison, the US economy squeezed at an annual pace of 5% in Q1 according to updated statistics. The eurozone suffered an annualized fall of around 15%. 

USD/CAD had been dropping ahead of the publication, trading closer to 1.37 amid US dollar weakness. The greenback is on the back foot amid end-of-month flows and uncertainty about Sino-American relations, ahead of President Donald Trump's speech on China.