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CAD: All eyes on GDP data - TDS

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 21, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Delhi) – Research Team at TDS, suggests that Canada’s October GDP release is due on 23rd Dec will be a key event for the week.

    Key Quotes

    “The importance of October’s monthly GDP report cannot be understated. After a disappointing September—mostly, but not completely, attributable to a temporary shutdown at a major oil sands producer—the pace at which the Canadian economy bounces back will set the tone for the final quarter of the year. While industry reports suggest production resumed in October, the manufacturing sales report released earlier this month noted ongoing maintenance issues in the energy complex.”

    “As a result we remain cautious in our expectation for a 0.2% m/m rebound. This outcome is consistent with our quarterly tracking for annualized 15Q4 growth of 0.8%, which is short of the 1.5% that the Bank of Canada had forecast in its October MPR and highlights what we continue to believe is a risk that the Bank will be forced to cut its overnight rate towards the end of 2016Q1.”
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