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Watching on USD/CAD & CAD/JPY

Canadian GDP: Friday, 12:29.  Canadian economy expanded at a slower pace in the first quarter growing 0.1% following a 0.2% contraction in the fourth quarter of 2011. Economists anticipated a 0.4% growth rate. Contributors to growth were business investment in plant and equipment, and housing investment, while consumer spending on goods and services slowed in the first quarter and demand for exports softened. A growth rate of 0.2% is likely this time.