CAD: Forecasting a 0.5% m/m gain in industry level GDP – RBC CM

Elsa Lignos, Senior Currency Strategist at RBC Capital Markets, suggests that they are forecasting a 0.5% m/m gain in Canada’s July industry level GDP, following 0.6%m/m in June.

Key Quotes

“The main story is expected to be a continued recovery in oil and gas extraction after the wildfire drop in May, with a ~5% m/m gain anticipated. But there is downside risk to our forecast after weak July retail sales on Friday.”