Canada: GDP will draw attention - BBH

Research Team at BBH, suggests that in addition to the US ADP (and Chicago PMI), Canada's GDP will draw attention. 

Key Quotes

“Canada is one of the few that report monthly GDP.  The economy likely snapped back from the 0.6% contraction in May.    A 0.4% gain is expected.  However, the quarterly GDP may attract more attention, though it is mostly old news.  The economy may have contracted by 1.5%.    Moreover, we learned yesterday that the Q2 current account deficit swelled by near 20% (to near a record at C$19.9 bln). 

The US dollar is firm against the Canadian dollar after a three-day rally.  That advance has brought it above the downtrend line from the late-July highs.  Oil prices also remain soft and do the Loonie few favors.  Comments from Saudi and Iranian officials make it harder to be optimistic about next month's meeting.  A foothold above CAD1.31 could see a quick push toward CAD1.32.”