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Analysts at TD Securities point out that Canada’s industry level GDP rose by 0.1% m/m in August, beating estimates for a flat print.

Key Quotes

“Growth was primarily driven by services, though a rebound in oil production helped offset weakness elsewhere in the goods sector.”

“GDP growth for July was revised slightly lower in today’s report, which weighed modestly on our tracking for Q3 growth. We are now tracking Q3 at 2.0% following today’s data.”

FX: A knee-jerk bid to CAD on the headline surprise was quickly faded as the details provide little to be enthused about. We continue to view the broad 1.28/1.32 range in USDCAD as intact, with FV situated closer to the upper bound.”