CIBC Research discusses its reaction to today's Canada GDP data for the month of April.
"The Canadian economy hit a rough patch in April and May, but the ride wasn't as bumpy as expected. The drop of 0.3% in April was better than the consensus prediction that the economy had contracted 0.8% during the month. While Statistics Canada's flash estimate for May suggested a further drop of 0.3%, taken together the two months still showed less of a retreat than anticipated," CIBC notes.
"The data suggest that the economy will post at least a modest growth rate of roughly 2% annualized during the second quarter, in contrast to the 0% we had been expecting previously," CIBC adds.