Canadian GDP Data Unexpectedly Slows In Second Quarter! What Happened To Canada?

<p>&nbsp;Canada's economy appeared to be in a bit of a tailspin in the second quarter, with investment in the housing sector continuing to decline, mainly due to a decline in new construction.</p><p><br /></p><p>Statistics Canada reported that the economy shrank at an annual rate of 0.2 percent in the second quarter. The agency also revised its reading of growth in the first quarter to an annual rate of 2.6 percent, down from 3.1 percent.</p><p><br /></p><p><br /></p><p>The decline in the second quarter came as investment in the housing sector fell by 2.1 percent, with five consecutive quarters of decline. New construction declined by 8.2 percent in the quarter, while spending on renovations also fell by 4.3 percent.</p><p><br /></p><p>The report comes ahead of the Bank of Canada's latest interest rate decision, which is scheduled to be released on Wednesday.</p><p><br /></p><p>The US dollar strengthened against the Canadian currency by 0.24% to trade at 1.3541 after the Canadian GDP data was released.</p>