Canada GDP m/m comes in at 0.3% against 0.2% consensus

Canada’s Gross Domestic Product (GDP) month over month for July came in at 0.3%, exceeding the consensus expectation of 0.2%. This represents a 50.0% surprise versus consensus. The previous month’s reading was 0.5%.

Following the release, the Canadian dollar saw varied reactions across major pairs. AUDCAD moved -5.3 pips 15 minutes after the release, while NZDCAD moved -5.4 pips. CADCHF gained 1.4 pips, and CADJPY gained 6.4 pips. EURCAD moved +1.4 pips, and GBPCAD moved +2.4 pips. USDCAD saw a -0.4 pip move. These initial moves are relatively small compared to historical patterns, where the median 1-hour move for pairs like USDCAD is 16 pips and for CADJPY is 12 pips after past GDP releases.