On Wednesday, the AUD / CAD exchange rate rose to a one-week high after data showed that Australia's GDP growth was lower than expected and the results of the Bank of Canada's March policy meeting were released.。

Australian economy grows 0 in Q4.2%, revised upward to growth of 0 in the third quarter.3%, lower than the market's general expectation of 0.3%。It was the ninth consecutive quarter of growth, but the pace was the slowest in five quarters due to weak household spending.。

Household spending made any contribution to economic growth in the most recent quarter, as spending on essentials (electricity, rent, food and health) 0.7% increase in optional expenses 0.Offset by 9% decline。

Government spending slowed significantly in Q4 (growth 0.6%, compared to growth of 1 in the third quarter.5%), due to a decline in defense spending and the government's continued provision of benefits to families。

On the other hand, net trade volume contributed positively to GDP growth as exports of goods and services fell by 0.3%, imports fell by 3.4%。Australian economy grows 1 in fourth quarter on annualised basis.5%, lower than the third quarter 2.1% growth rate。

The GDP data reinforces the case for the RBA to start cutting interest rates, with the RBA raising borrowing costs by 425 basis points since May 2022。Markets now expect the RBA to cut interest rates as early as August。

Meanwhile, the Bank of Canada is expected to leave its overnight rate target unchanged at a 22-year high of 5%。

The Bank of Canada predicts that overall inflation will remain near the 3% level in the first half of 2024 before falling to the 2% target level in 2025.。

As of 8: 16 GMT Wednesday, the Australian dollar was up slightly 0 against the Canadian dollar..24%, reported 0.8857。