FX.co ★ Canada GDP Set to Rebound in April

The Canadian economy is expected to have grown by 0.4% month-over-month in April 2026, the strongest increase since January 2025, following a 0.1% decline in March, according to preliminary estimates. March marked the first GDP contraction in five months, driven largely by a 0.8% decrease in goods-producing industries. Oil and gas extraction fell 2.0%, while oil and gas extraction excluding oil sands declined 2.3%—the steepest drop in over a year—reflecting reduced crude petroleum output in the Western provinces and Atlantic Canada. Lower natural gas extraction also weighed on activity. In addition, the construction sector contracted 0.6%, and retail trade decreased 0.6%, whereas wholesale trade advanced 1.8%, recording the strongest back-to-back monthly gains in more than four years.