Canada’s GDP grows at slow pace, Canadian dollar a little weaker

 Canada released data Friday showing consumption spending grew at the slowest pace in more than two years, while businesses recorded an unexpected drop in investment and scaled back on inventories. Overall, the economy grew at a 2 percent annualized pace, largely due an improved trade picture as imports fell. Domestic demand — which excludes trade — was the weakest in more than two years, recording a slight contraction. This type of economic background does not give the Bank of Canada enough reason for a rate hike, however, given the recent overall selloff in equities, the BoC may have been inclined to put rates on hold anyway.