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Not "Unequivocally Good" - Canada Enters Recession

It appears low oil prices are not awesome for everyone. For the second quarter in a row, Canadian GDP dropped (-0.5%) pushing America's northern neighbor back into recession. What is ironic is that this was better than the 1% drop that was expected and so CAD is strengthening.

 

 

and the kneejerk is a strengthening of CAD against the USD as the drop was less than expected...

 

Charts: Bloomberg