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James Smith, Developed Markets Economist at ING, suggests that after a flat month for growth in June, they expect a slightly more positive story from July’s GDP print of Canadian economy on Friday.

Key Quotes

“Following decent sets of retail and wholesale trade data, as well as a further narrowing in the trade deficit during July (which incidentally is now the smallest since December 2016), we expect July’s growth to come in at 0.1% month-on-month. That said, this could be held back again somewhat by reduced oil and gas output. June’s production was lower following a power outage at a facility operated by Syncrude – one of the world’s largest single source producers – and this reportedly persisted throughout July.”