Canada GDP for July 0.0% vs. 0.1% estimate. Producer prices 0.3% vs 0.5%

GDP YoY is 3.8% vs 3.9%
The Canada GDP data for July shows:

  • MoM 0.0% vs 0.1% estimate
  • YoY 3.8%  vs. 3.9% estimate
  • The GDP YoY was revised higher to 4.4% vs 4.3% previously reported.
  • The unchanged reading breaks the 8 month string of positive gains.
  • 11 of 20 industrial sectors grew.
  • Goods producing industries contracted 0.5%, the 1st decrease in 5 month
  • Mining and quarry and oil and gas extraction (down -1.2%) and Manufacturing (-0.4%) led to the declines.

In another price report:

  • Industrial Product price index for Aug, 0.3%  vs 0.5% estimate
  • Raw Material price index for Aug 1.0% vs 0.3% estimate
  • Rise in IPPI mainly due to higher prices for energy and petroleum products (+2.8%)
  • Rise in RMPI was mainly due to higher prices for crude energy products  (+3.0%)  
  • The RMPI ex crude energy products fell -0.1%
  • The IPPI prior month was revised to -1.6% vs -1.5% previously reported
  • The RMPI was also revised lower to -0.9% from -0.6% previously reported

The USDCAD moved to new session highs after the report to 1.24717 but is back down to test the earlier day double-top  at 1.2445.  That level is trying to hold support.  At the low today (see green circles in the chart below), the low today was the same as yesterday’s low. So had a double bottom and double top before the break higher on the data.

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