Interest rate expectations are steady ahead of this week's economic data. Today's calendar features Canada Gross Domestic Production figures for November, as well as Personal Income and Spending data from the United States.

13:30 AM GMT
Forecast 0.2%
Previous 0.2%

Because GDP is basically the measurement of the economy as a whole and it certainly has a tremendous impact on the official interest rate, because better GDP equals to higher inflation, and higher inflation means higher interest rate. However, Canada releases its GDP on a monthly basis, which diminishes chances for surprise.

In the event that we get a strong release, expect USD/CAD to spike, stall, and then spike again. We may see some limited retracement, if any. The strategy to trade this release is usually just get in as soon as possible and let it ride.