Canadian Dollar finds thin gains on Friday after Canadian GDP rebounds

• Canadian Dollar bolstered by rising market sentiment.
• Canada posted a 0.3% uptick in GDP, propping up CAD.
• US PCE inflation also ticked lower, further bolstering rate cut hopes.

The Canadian Dollar (CAD) found some room on the high side on Friday, pushing up by a scant tenth of a percent against the US Dollar amid choppy intraday price action after key economic data broadly met market expectations. Canadian Gross Domestic Product (GDP) ticked higher and US Personal Consumption Expenditure Price Index (PCE) inflation figures cooled slightly.

Canada posted a slight gain in GDP growth in April, rebounding from the previous month’s flat print. A stacked US data docket also generally met market expectations, though US Personal Spending failed to meet expectations despite a post-revision improvement.