The British Pound extended a pullback from a 6 1/2-month trough against the Canadian Dollar on Friday, after data showed United Kingdom’s second-quarter GDP growth was confirmed.
The UK economy grew at a final quarterly rate of 0.2% in Q2, after a revised up 0.3% expansion in the first quarter.
Household consumption grew 0.5% quarter-on-quarter, underpinned by spending on housing, water, electricity, gas, transport as well as recreation and culture, data by the Office for National Statistics showed.
Fixed investment rose 0.8% quarter-on-quarter, supported by a 4.1% surge in business investment, while government consumption expenditure increased 2.5% quarter-on-quarter, mostly driven by higher spending on public administration and defense.
In annual terms, the UK economy expanded at a final rate of 0.6% during the second quarter, compared with a preliminary estimate of 0.4% and after a revised up 0.5% growth in the prior three-month period.
Meanwhile, CAD traders now look to Canadian GDP growth figures for July, which will be released at 12:30 GMT.
The Canadian economy probably expanded at a monthly rate of 0.1% in July, according to a consensus of analyst estimates, following a 0.2% contraction in June.
As of 7:32 GMT on Friday GBP/CAD was edging up 0.11% on the day to trade at 1.6476. Yesterday the minor Forex pair went down as low as 1.6358. The latter has been the pair’s weakest level since March 9th (1.6320).
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