FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Today's publication of the Canadian GDP data for Q1 is likely to suggest once again that the effects of the fall in the oil price on the real economy are not as bad as originally expected.
"Growth of 0.3% qoq on an annualised basis is not fantastic, but compared with its largest trading partner the US Canada is not doing so badly. This is likely to be mainly thanks to the weak CAD", says Commerzbank.
The BoC is well aware of that too: in the statement issued after the meeting on Wednesday it explicitly pointed out that should the CAD's appreciation trend of the past few weeks turn out to be sustainable the net effect would have to be estimated based on the data of the next few months. Trivial really, but of course this also includes a warning for the market, added Commerzbank.
