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USD/CAD yet to surge on much weaker than expected Canadian Q3 GDP report

The September monthly and annualised Q3 readings for Canadian GDP have just been released. The markets were expecting growth in September to flatline and drop back slightly on an annualised basis, to around 0.8%, from a prior estimate of 0.9%.  However, the Q3 GDP has unexpectedly shown a significant decline, falling by 1.1 in Q3. It was expected to rise by 0.1%. The monthly reading on an annualised basis is below forecasts too. The impact of this news initially sent the USD lower, which did make any sense whatsoever. However, it is now lifting back above 1.36 again, but overall the reaction to all this is as surprising as it is muted. The USD/CAD is currently trading at 1.3614

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