Published at 12:34 (GMT) 30 Jul

USDCAD

The confusing relationship today is the CAD advance, without any news in advance of the GDP release, while equities were tumbling. An unusual breach of tendencies to say the least. Canada's release of May GDP showed growth at 0.1% m/m after seeing no growth in Apr. The May outcome was in line with the 4Cast and market estimates for growth of 0.1-0.2% m/m. So far the CAD reaction has been muted, but with US GDP data undershooting expectations, the markets are unlikely to sit still for long. M.B.