USD/CAD Higher, Canadian GDP Slumps

USD/CAD is trading at 1.3114, up 0.0027. The pair is trading at session highs Statistics Canada reported the Canadian economy contracted 0.4 percent in the second quarter versus 0.6 percent growth in the first quarter. Annualized second quarter GDP contracted 1.6 percent. June real gross domestic product (GDP) rose 0.6% versus a contraction in May of 0.6 percent.