CAD GDP Annualized q/q comes in at 3.3% against 0.7% consensus

Canada’s GDP Annualized q/q was reported at 3.3%, significantly exceeding the consensus estimate of 0.7%. This marks a substantial increase from the previous quarter’s -0.1% contraction, representing a 371.4% surprise against expectations.

Following the release, the Canadian dollar showed a limited immediate reaction across major pairs. Fifteen minutes after the data, USDCAD moved up 0.9 pips, while EURCAD was unchanged at 0.0 pips. CADJPY moved down 0.6 pips, and CADCHF moved down 0.1 pips. AUDCAD was up 1.2 pips, GBPCAD was down 2.5 pips, and NZDCAD was up 0.8 pips. These measured movements are small when compared to the typical median 1-hour moves observed after past releases, such as USDCAD’s median of 20 pips or EURCAD’s median of 16 pips.