CADJPY fell sharply because of the country's recession
Currently, data is showing that Canada will avoid a full recession this year. According to forecasts by consulting firm RSM Canada, the probability of a recession in the next 12 months is now at 60%, down from 75% at the beginning of this year. Furthermore, that probability may decrease further in the coming days. After three years of dramatic economic change, Canada is on a path to steady, if slower, growth. According to the International Monetary Fund (IMF), the country's Gross Domestic Product (GDP) is expected to increase 1.7%/quarter this year and 1.4%/quarter next year.
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