Analysts at TD Securities note that Canada's GDP growth was in line with market expectations, with the Canadian economy expanding 1.3% (annualized) in Q3 and 0.1% m/m for September. However, details were more positive with domestic demand up 3.2%.

• "Business investment was a key driver to Q3 growth which will come as a relief to the BoC, given their concern with the global outlook. We don't expect this to drive a hawkish pivot next week, but it should allow them some added comfort as they remain on the sidelines.
• Rates: Muted reaction to an in-line number, and small beat on the YoY (1.60% vs 1.40%). At the margin, this report could buy the BoC a bit more time to hold off on cutting rates, had the report been weak, that could have been a big deal."