Canadian Dollar Unlikely to Get Support From GDP Data as Domestic Weakness Persists, Corpay Says

MT newswire2026/09/28 12:28

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08:28 AM EDT, 09/28/2026 (MT Newswires) -- The Canadian dollar is unlikely to get much support from Tuesday's gross domestic product report, with consensus expecting economic activity to have slowed in July and August, reversing some of the earlier gains, according to Corpay in a note. Weakness could extend into the last quarter of 2026 as businesses and households become more cautious amid renewed US tariffs, wrote Corpay Chief Market Strategist Karl Schamotta in Monday's note. At the same time, expectations for at least three Bank of Canada rate hikes by April seem at odds with continued weakness in domestic demand, said Schamotta. Wider interest-rate gaps could keep the loonie under pressure until the US economy loses some of its current advantage, giving the Canadian dollar some relief, added Corpay. Statistics Canada is slated to release July and preliminary GDP on Tuesday, at 8:30 a.m. ET.

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