Analysts at TD Securities notes that Canada is to release GDP data for both the second quarter and the month of June, and they are looking for better-than-expected prints, with Q2 growth of 3.3% q/q (mkt: 3.0%; BoC 2.3%) and June growth of 0.2% m/m (mkt: 0.1%).

“Q2 growth was likely boosted by a strong contribution from net exports, while residential investment likely surged into double-digit territory. We expect relatively modest growth from other components. For June GDP, energy production and non-residential construction will be key sources of strength.”