CAD GDP q/q comes in at 0.8% against 0% consensus

Canada’s Gross Domestic Product (GDP) quarter over quarter was reported at 0.8% for the latest period. This figure came in above the consensus expectation of 0%. The previous quarter’s reading was also 0%.

Following the release, the Canadian dollar showed varied movement against major pairs. USDCAD saw no change, while GBPCAD moved -0.6 pips and CADCHF moved -1.7 pips one hour after the data. CADJPY was up +1.8 pips, EURCAD up +2.1 pips, AUDCAD up +2.5 pips, and NZDCAD up +4.7 pips over the same period. These observed movements are relatively small when compared to the historical median 1-hour moves for these pairs after similar releases. For example, USDCAD typically sees a median 1-hour move of 20 pips, and EURCAD typically sees 16 pips.