The Canadian dollar erased most of its gains after the February GDP report showed a monthly decline of -0.1%, missing expectations of a flat reading, while the year-over-year print came in at 1.1%, down from 1.6% much softer than the 1.4% eyed. Continued weakness in the mining,oil and gas sector saw a 1.6% monthly decline. Transport and warehousing also gave the worst decline since 2011. Overall output contracted in 9 of the 20 industrial sectors.
Overall weakness in the dollar saw buyers come in for the loonie following the soft GDP print. USD/CAD trades 0.1% lower at 1.3438