Western Union:A surprisingly poor start to the year for Canada’s economy weighed on the loonie and lobbed it back toward six-week lows. The northern economy slammed on the brakes in Q1 when growth contracted 0.6 percent annually from a 2.2 percent rate of growth in Q4. Canada’s economy was expected to grow 0.3 percent last quarter. A number this poor reinforces Canada’s low rate outlook for the foreseeable future which differs from expectations for U.S. rates to move higher. Next week brings crucial Canadian trade data on Wednesday and the all-important employment report on Friday.
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