July's stronger than expected 0.2% m/m increase in GDP, partly due to a rebound in petroleum and auto manufacturing, follows a weak downward revised 0.1% m/m advance in the month before. Given growing external and domestic headwinds, however, we still think that Canada's economy likely advanced by a more moderate 1.4% annualised pace in the third quarter, down from 1.8% in the prior quarter.
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