The Canadian annualized Gross Domestic Product expected .6% for the 2nd quarter, came in worse than expected at 0.3% on an Annualized basis. The 1st quarter was revised to -0.8%.  The month over month reading was on the money at .1% versus the .1% survey. 

The lower number increases the chance that the BOC may cut rates at next weeks rate decision meeting   It should at least change some of the wording as to the central banks position.  This should keep the pressure on the Caandian dollar. 

The Industrial Price Index for July expected at .7% came in lower at .4%. The Raw Materials Price Index expected at .2% came in significantly higher at 1.4%.

The Canadian dollar has sold off on this release, as they await a Department of Finance press conference following this release.