Canadian GDP - Lower than expected with decent move given some time

Today, 31st January 2012, at 8:30 EST (13:30 GMT) the GDP figuresw were released from Canada. They did come out lower at -0.3% on the MoM which is a moderate deviation. There is not really much history of a 0.3 deviation. In the past deviations of 0.1 or 0.2 have not worked well, but deviations of 0.4 have been tradable, so this was in between and the price response on the USDCAD forex pair was moderate for the short term spike, but given some time it did run on for more pips.

Here is the data:


Canadian GDP MoM
Estimates- Median: +0.2% Average: +0.2% Range: -0.2% to +0.3%
Actual: -0.1% Prior: 0.0% No Revision

Canadian GDP YoY
Estimates- Median: +2.3% Average: +2.3% Range: +2.2% to +2.5%
Actual: +2.0% Prior: +2.7% No Revision

Canadian Industrial Product Price MoM
Estimates- Median: -0.1% Average: 0.0% Range: -0.5% to +0.5%
Actual: -0.7% Prior: +0.2% Revised: +0.3%

Canadian Raw Materials Price Index MoM
Estimates- Median: 0.0% Average: +0.2% Range: -1.0% to +2.3%
Actual: -2.4% Prior: +3.8% No Revision

Here is the 30 second chart of the USDCAD forex pair, notice the 20 pip spike, then chopped around for half and hour before pulling back a bit then shooting higher:

Here is the 5 minute chart of usdcad which shows how given time the pair did move quite well for about 70 pips:

Also included in a CADJPY 1 minute chart which shows the pair thru the rest of the session which also had US Chicago PMI later which added to its move down: