Canadian GDP is a clear sign that rates will need to come down next year - CIBC

Today's advanced reading on GDP suggested a flat reading for Q3 following a slight contraction in Q2. That's much softer than the Bank of Canada's forecast for +0.8% GDP growth

Goods-producing industries have been in decline for five consecutive months, with agriculture notably down due to dry conditions in Western Canada​ and CIBC warns that could understate strength in the economy.

Overall though, they think the Bank of Canada is done hiking and will increasingly tilt towards rate cuts.

USD/CAD hit a one-year high today and I suspect it has much further to go.

USDCAD daily