CAD GDP y/y comes in at 1.7% against 0.7% consensus

Canada’s Gross Domestic Product, GDP y/y, was reported at 1.7%. This figure came in above the consensus expectation of 0.7% and also surpassed the previous reading of 1.1%. The actual print represented a surprise of 142.9% against the consensus forecast.

Measured market reactions across CAD pairs 15 minutes after the release showed varied but generally limited movement. AUDCAD moved -5.3 pips, CADCHF moved +1.4 pips, CADJPY moved +6.4 pips, EURCAD moved +1.4 pips, GBPCAD moved +2.4 pips, NZDCAD moved -5.4 pips, and USDCAD moved -0.4 pips. These initial movements are small when compared to typical 1-hour moves observed after past releases. For context, AUDCAD has a median 1-hour move of 10 pips, CADCHF 7 pips, CADJPY 12 pips, EURCAD 15 pips, GBPCAD 18 pips, NZDCAD 11 pips, and USDCAD 15 pips.