Canada releases their monthly Gross Domestic Product statistic for the month of December at 8:30 AM.   

Last month the measure rose by a modest 0.1%.   This month the expectations are for a decline of 0.2% as a result of slower export growth and domestic demand.  The effects of the slowdown in the US are beginning to be felt in Canada.

The quarterly GDP on an annualized basis is also to be released.   This measure is expected to decline to a tepid 1.1% from 2.9% in the 3^rd quarter.  The Bank of Canada is expected to cut rates this week by as much as 50 basis points to counteract the slower growth.  The cut should soften the Canadian dollar which traded sharply higher last week before selling off a bit on Friday.