According to analysts at the Royal Bank of Canada, this week's October GDP report will provide further evidence that Canada's economy geared down in the second half of 2019.

"We are pencilling in a 0.1% monthly drop following already-subdued 0.1% gains in each of the last three months. Further softening in the manufacturing sector, and pullbacks in the wholesale and retail components are expected to have weighed on growth in October. A slow start to Q4 would lend some downside risk to both our own quarterly GDP forecast (1.4%) and the Bank of Canada's (1.3%). Falling short of the already low bar set by the BoC would represent an unwelcome end to a year in which Canada's economy has displayed a good degree of resilience against external headwinds."