FXstreet.com (Barcelona) - The Canadian Gross Domestic Product grew 0.2% in October, slightly behind analyst expectations of a higher expansion of 0.3%.

Canada's GDP is now on positive ground for the second consecutive month after its 0.4% increase in September.

With this lackluster report, the Canadian economy continues its tentative road to recovery after its GDP contracted by -0.7% in September.

Sector by sector, a 7.2% sales increase in the existing home market led the way. Autos sales, utilities and tourism also showed positive gains, while manufacturing held steady.

Finance, insurance, mining and oil & gas extraction, on the other hand, suffered declines.

After the USD/CAD lost 80 pips earlier in the European session (down from a session high of 1.0568 to a session low of 1.0488), the par reacted to the subdued GDP report by moving upwards to 1.515 and is trading in the area of 1.0518 at the time of writing.