August Canada GDP -0.1% vs +0.1% m/m expected

Canadian GDP data for August

  • Sept was 0.0%
  • y/y GDP +3.5% vs +3.6% expected
  • Prior y/y GDP was +3.8% (revised to +3.9%)

Separately, September PPI data was released

  • Industrial product price -0.3% vs +0.2% expected
  • Raw materials price index -0.1% vs +0.3% expected

USD/CAD jumped to 1.29 from 1.2845 on the headlines. It’s just one month and comes after a string of great numbers but it’s looking more and more like the economy didn’t handle the two rate hikes very well, or that they came as the economy was already slowing.

This chart was doing the rounds last week and is even-more appropriate now.

That fits into this CIBC call to short the loonie.

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