Flash: Canadian data should leave BoC on hold - UBS

FXstreet.com (Córdoba) - The Canadian GDP for April was reported at 0.1% m/m as expected. This was the fourth consecutive positive months and marks a continued recovery, notes the UBS analyst team.

Meanwhile, producer prices have been flat in May, and even though this was less than the expected 0.1% increase, "it showed at least that prices are not falling further, after months of falling prices", UBS analysts comment. "Today's figures are in line with Bank of Canada (BoC) expectations and therefore should not lead to any action at Stephen Poloz's first appearance in July. We remain overweight CAD".