Canada: Downside GDP surprise – TDS

Sandeep Kanihama FXStreet Contributor

Analysts at TD Securities note that the Canada’s industry-level GDP fell by 0.1% in February on a contraction in both goods (-0.2%) and services (-0.1%), missing the market consensus for a flat print.

Key Quotes

“Details showed a large drag from resources and rail transport which reflected a 60% drop in crude shipments by rail.”

“We are tracking Q1 growth around 0.6%, slightly above Bank of Canada projections, and don't think the BoC will put much stock in one soft print considering their already-conservative forecasts.”

“The miss helped USDCAD to consolidate near the intraday lows, but we note that the pair still trades at a bit of premium. The broad USD should set the tone over the coming sessions - and the Fed and US data will drive next move in broad USD.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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