-0.4% vs +0.6% expected. The prior month was revised weaker at -1.1% from -0.8%. Not good news as the BOC decision and comments are awaited at 9 AM. The expectation is for no change in policy (15th straight month). With headwinds from Europe, the text is likely to be cautious.
The USDCAD has moved higher off the report. The price has been testing the 50% of the 2012 low to high trading range at the 1.01215 (low was 1.0128 today). Although weaker the market may be more focused what happens at 10 AM and beyond.
