Canadian dollar slips after disappointing data

Loonie edged lower against the US dollar on Tuesday, following the release of weak data and the lingering fears over the coronavirus.

Data showed the Canadian GDP grew by 0.1% in March, on par with forecasts, but lower than the previous reading of 0.3%.

The data also showed that the raw material price index dropped 4.7% in February, more than forecasts of drop by 2%.

The number of coronavirus infections all over the world rose to more than 800,000 cases, and over 36,000 deaths.

The Bank of Canada cut interest rate on Friday by 50 basis points to 0.25%, which is the third time in March.

CAD/USD fell 0.2% to 0.7049 as of 16:59 GMT, after hitting an intraday high of 0.7098 and a low of 0.6964.