The focus is on tomorrow’s second reading on US Q2 GDP but with the loonie ripping higher, Canadian GDP on Friday could be the bigger story.
It will be the look at Q2 GDP in Canada and is accompanied by the June GDP report. The consensus is for 2.7% annualized growth but Citi is getting some attention for a +5.0% forecast. They’ve stepped way outside of the consensus on a belief there has been an export spike and improvements in housing, investment and consumer spending. The low estimate is 2.4%.
