Canada: Industry level GDP rose by 0.1% m/m in August – TDS

Analysts at TD Securities point out that Canada’s industry level GDP rose by 0.1% m/m in August, beating estimates for a flat print.

Key Quotes

“Growth was primarily driven by services, though a rebound in oil production helped offset weakness elsewhere in the goods sector.”

“GDP growth for July was revised slightly lower in today's report, which weighed modestly on our tracking for Q3 growth. We are now tracking Q3 at 2.0% following today's data.”

“FX: A knee-jerk bid to CAD on the headline surprise was quickly faded as the details provide little to be enthused about. We continue to view the broad 1.28/1.32 range in USDCAD as intact, with FV situated closer to the upper bound.”