USD/CAD pair gained traction during the early trading hours of the American session as the disappointing growth data from Canada weighed on the CAD. After climbing to a daily high of 1.3175, however, the pair reversed its course and was last seen trading at 1.3157, adding 0.08% on a daily basis.
The data published by Statistics Canada on Monday revealed that the Canadian economy contracted by 0.1% on a monthly basis in October to come in worse than the market expectation for a stagnation.