No surprises in the headline figure: the Canadian economy grew by 0.2% m/m in August. However, growth in July was revised to the downside: 0.4% instead of 0.5% initially reported. The economy is transitioning away from oil, but the process is slow. Year over year growth stands at 1.3%, exactly as in July.
USD/CAD initially dipped to lower ground but is now above the pre-release levels. The US dollar has been on the back foot, especially after the ABC poll showed Trump in the lead.
Canada was expected (see our how-to GDP preview) to report a monthly growth rate of 0.2% in August after a solid 0.5% in July. Canada stands out with monthly GDP releases.
USD/CAD was trading around 1.3380 ahead of the publication.
More: Buy USD/CAD – Citi Trade Of The Week
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