Canada GDP for January

Canada's GDP for the month of January came in much better than expected at +0.6% month on month Versus +0.3% estimate. The Year on Year came in at 2.3% versus 1.9% estimate.

The better than expected data has sent the USDCAD to the downside and back toward the 100 day moving average at 1.32919.

Gross domestic product gains were on the strength of widespread growth across both goods- and service-producing industries. With the exception of October, gross domestic product has risen every month since June 2016.

The manufacturing sector was the largest contributor to the increase in gross domestic product, expanding 1.9% in January. With the exception of October, the manufacturing sector has grown every month since June 2016.

Retail trade grew 1.5% in January, the sixth increase in seven months, with 10 of the 12 subsectors advancing. Motor vehicle and parts dealers rose 1.2%, primarily on the strength of more activity at new car dealers. The largest decline in terms of output was a 3.3% contraction at gasoline stations.

Mining, quarrying, and oil and gas extraction expanded 1.9% in January after contracting 0.5% in December.

Below is a look at the contributions of the different sectors in the GDP. Good number.