USD/CAD: Disappointing Canadian GDP data to put additional pressure on the loonie – Commerzbank

The loonie continues to struggle to stand its ground against the USD. Today’s data on Canada’s Gross Domestic Product (GDP) for the second quarter (Q2) could put additional pressure on the CAD if the figures disappoint, economists at Commerzbank report.

Canadian GDP at expected 4.4% annualized

“The Bloomberg consensus expects growth of 4.4% QoQ (on a seasonally adjusted and annualized basis) suggesting that economic momentum improved further. For June consensus expects a rise of 0.1% (seasonally adjusted) month on month.”

“The forward-looking market does not usually focus on retrospective data, but in the current environment disappointing data might put additional pressure on the loonie.”