Canadian GDP (Jul MM) 0.0% vs. Exp. 0% (Prev. 0.4%)

A flat monthly read matching consensus is about as neutral as this series gets; the information content sits in the deceleration from the prior month's pace rather than in any surprise against expectations. Canadian monthly GDP has a history of flat and slightly negative prints that the Bank of Canada has tended to look through when the quarterly trend and the Bank's own tracking remain intact, so single-month stalls have rarely shifted the policy path on their own. The distinction that matters is between a one-off soft month, often driven by strikes, weather, or maintenance shutdowns in goods sectors, and a run of flat prints that signals underlying momentum fading, which is what has historically moved the front end of the Canadian curve and the currency. The details worth attention are the goods-services split and the advance estimate for the following month, which Statistics Canada provides and which has often framed the reaction more than the headline itself. As an in-line print, the signal is weak; positioning tends to key off the composition and the forward estimate rather than the zero.