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Canada CAD

Canada BoC Business Outlook Survey

Impact:
Medium
Source: Bank of Canada

Latest Release:

Date:
Actual:
 
Forecast:
Previous/Revision:  
Period:

Next Release:

Date:
Period:
What Does It Measure?
The Bank of Canada's (BoC) Business Outlook Survey measures the sentiment of Canadian businesses regarding future economic conditions. It primarily focuses on production expectations, hiring intentions, and investment plans, and assesses key indicators like business confidence and the overall economic outlook, making it a national indicator.
Frequency
The survey is released quarterly, with preliminary results typically published in the second week of January, April, July, and October, providing insights into business sentiment for the preceding months.
Why Do Traders Care?
Traders monitor the BoC Business Outlook Survey because it offers critical insights into the future trajectory of the Canadian economy, influencing decisions in various financial markets. A positive outlook can boost the Canadian dollar (CAD) and equities, while a negative sentiment can lead to bearish movements in these assets.
What Is It Derived From?
The survey is derived from responses collected from a wide range of businesses across Canada, utilizing a significant sample size that includes firms of different sizes and sectors. Data collection involves qualitative assessments about future economic activity, and the responses are aggregated to create diffusion indices reflecting overall sentiment.
Description
The BoC Business Outlook Survey encompasses assessments of business conditions, including sales expectations, investment plans, and labor market conditions. Preliminary reports are based on early estimates and are subject to revisions, while final reports provide a more accurate representation of business sentiment; markets often react more strongly to preliminary results, while adjustments may occur with final figures.
Additional Notes
The survey serves as a leading economic indicator, providing insights into potential future economic activity, and is particularly relevant to understanding shifts in the Canadian economy in relation to global trends. It is often compared to other indicators like GDP growth rates and employment statistics.
Bullish or Bearish for Currency and Stocks
Higher than expected: Bullish for CAD, Bullish for Stocks.

Legend

High Potential Impact
This event has a strong potential to move markets significantly. If the 'Actual' value differs enough from the forecast or if the 'Previous' value is significantly revised, it signals new information that markets may rapidly adjust to.

Medium Potential Impact
This event may cause moderate market movement, especially if the 'Actual' deviates from the forecast or there's a notable revision to the 'Previous' value.

Low Potential Impact
This event is unlikely to affect market pricing unless there's an unexpected surprise or a major revision to prior data.

Surprise - Currency May Strengthen
Actual deviated from Forecast on a medium or high impact event and historically could strengthen the currency.

Surprise - Currency May Weaken
Actual deviated from Forcast on a medium or high impact event and historically could weaken the currency.

Big Surprise - Currency More Likely To Strengthen
'Actual' deviated from 'Forecast' more than 75% of historical deviations on a medium or high impact event and may likely strengthen the currency.

Big Surprise - Currency More Likely To Weaken
'Actual' deviated from 'Forecast' more than 75% of historical deviations on a medium or high impact event and may likely weaken the currency

Green Number Better than forecast for the currency (or previous revise better)
Red Number Worse than forecast for the currency (or previous revise better)
Hawkish Supports higher interest rates to fight inflation, strengthening the currency but weighing on stocks.
Dovish Favors lower rates to boost growth, weakening the currency but lifting stocks.
Date Time Actual Forecast Previous Surprise
Jul 21, 2025
 
  
Apr 07, 2025
 
  
Jan 20, 2025
 
  
Oct 11, 2024
 
  
Jul 15, 2024
 
  
Apr 01, 2024
 
  
Jan 15, 2024
 
  
Jun 30, 2023
 
  
Apr 03, 2023
 
  
Apr 04, 2022
 
  
Jan 17, 2022
 
  
Oct 18, 2021
 
  
Jul 05, 2021
 
  
Apr 12, 2021
 
  
Jan 11, 2021
 
  
Oct 19, 2020
 
  
Jul 06, 2020
 
  
Apr 06, 2020
 
  
Jan 13, 2020
 
  
Oct 22, 2019
 
  
Jun 28, 2019
 
  
Apr 15, 2019
 
  
Dec 21, 2018
 
  
Oct 15, 2018
 
  
Jun 29, 2018
 
  
Apr 09, 2018
 
  
Jan 08, 2018
 
  
Oct 16, 2017
 
  
Jun 30, 2017
 
  
Apr 03, 2017
 
  
Jan 09, 2017
 
  
Oct 07, 2016