Canada’s monthly GDP report is the session’s headline event, released at 12:30 UTC on July 31. As a broad gauge of economic momentum, it draws close attention across CAD crosses.
What Canada GDP m/m measures
The monthly GDP figure tracks the change in the value of all goods and services produced across the Canadian economy. Unlike quarterly releases used by many economies, Canada publishes a monthly estimate, giving markets a more frequent read on the pace of activity.
It is watched because growth trends feed directly into expectations around the Bank of Canada’s policy path, making it a key input for anyone following the Canadian dollar.
The forecast stands at 0.2%, down from the previous reading of 0.5%, pointing to an anticipated slowdown in the monthly pace of expansion.
How the CAD pairs are trading
Across our feed, CADJPY is the standout mover, trading at 113.81, down 2.17% on the day. NZDCAD is up 1.05% at 0.82261, the largest gain among the crosses.
CADCHF sits at 0.57393, lower by 0.95%, while AUDCAD trades at 0.98326, up 0.70%. GBPCAD is at 1.88559, higher by 0.53%, and EURCAD trades at 1.61417, up 0.31%.
The mix shows the Canadian dollar softer against most counterparts in the run-up, with CADJPY and CADCHF weighted lower and NZDCAD, AUDCAD, GBPCAD and EURCAD trading higher.
Markets watch the GDP print for confirmation of whether Canada’s growth momentum is holding or easing relative to the prior month.
Descriptive market news from the ForexBullion Research Team. Not investment advice.
