Canadian economy to contract by 5.7% in 2020 – Reuters poll

The Canadian economy is expected to contract by 5.7% in 2020 before expanding by 4.5% in 2021, a Reuters poll showed on Tuesday.

"In the April 23-28 Reuters poll of 25 economists Canada's economy was predicted to have contracted at an annualized rate of 9.8% last quarter and to shrink 37.5% this quarter," Reuters reported. 

Market reaction

The USD/CAD pair largely ignored this headline and was last seen trading at 1.3960, where it was down 0.5% on a daily basis.