GDP Sep 2017 m/m 0.2% vs 0.1% exp
- GDP QoQ 0.4 % vs 1.1% prior, revised to 1.0%
- GDP Sep YoY % vs 3.3% exp, prior was 3.5%
- GDP implicit Price QoQ Q3 0.0% vs -0.3% prior
- GDP Annualised prior was 4.5%, revised to 4.3%
- GDP m/m prior was -0.1%
Smalls beat and gains in the employment numbers have USDCAD collapse below the 1.2800 support, 1.2790 writing this. Could see 1.2715 as oil is also holding up today
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Unemp down to 5.9% could give some strength to the hawkish side of the Poloz.
Triple top at around at 1.2925 now, 50% of the move down from 1.38 to 1.20. Wondering if that’s a change in the trend. What’s your take K-man/Ryan? weekly chart down here
https://uploads.disquscdn.com/images/35dc97707199170ce5ad75d38021fecbc17734a5514c7d2bc7354d2f3384d163.png
It could certainly bring some bearishness into play now. The top was already confirmed before the data and it would have been busted in a flash had the data been bad.
They key for central banks is still inflation and that’s still not playing ball in Canada. Poloz can change his tone like the weather at mon pol meetings so it’s anyone’s guess how he interprets this data, among all the other data.
At the moment I think he still needs to justify the hikes they made rather than future ones.
Yes Agreed Ryan I think he’s still a bit worried to explain the recent hikes. These data could switch him into the “see? we were right” mode though.
Poloz & Co. a real pain in the ass to understand anyway. Let’s not forget these fellows hiked out of the blue 2 times with Core CPI y/y at 0.9.
He’s worse than Carney for flip flopping 😉