Canada’s gross domestic product (GDP)

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Canada’s gross domestic product (GDP) soared 0.5 percent in June from the prior 0.2 percent contraction, while economists had called for a 0.2 percent advance.

Following the release of the data, the Canadian dollar soared against its US counterpart to trade around 1.3134, after it was trading at 1.3230.

Later in the day, the U.S. will release its ISM manufacturing PMI for last month, where the main focus would be on Friday’s jobs report.