Canada CAD

Canada Canada Day (Substitute Day)

Impact:
Low

Next Release:

Date:
Period:
What Does It Measure?
Canada Day (Substitute Day) measures the observance of Canada Day when July 1 falls on a Sunday, thus allowing for a holiday on the following Monday. It primarily assesses the impact of public holidays on economic activity, including retail sales, labor productivity, and overall consumer spending in the context of national celebrations.
Frequency
Canada Day (Substitute Day) occurs annually on July 2 when Canada Day falls on a Sunday, and it is not usually subject to preliminary or final figures, as it highlights a recognized holiday rather than specific economic data.
Why Do Traders Care?
Traders might care about Canada Day (Substitute Day) due to its influence on consumer spending patterns and potential disruptions to business operations, which can impact economic output. This holiday can lead to temporary fluctuations in retail, hospitality, and service sector revenues, indirectly affecting financial markets and economic forecasts.
What Is It Derived From?
The observation of Canada Day (Substitute Day) is derived from national legal frameworks and holiday designations rather than a survey or specific calculation method. It is recognized as part of Canada’s statutory holiday structure, contingent upon the federal calendar and the day of the week for Canada Day.
Description
The significance of Canada Day (Substitute Day) lies in its role in fostering national unity and public celebrations, which in turn influence consumer behavior and local economies, particularly in tourism and retail sectors. While it does not yield traditional economic indicators, its observance serves as an opportunity to assess consumer sentiment and spending in a festive context.
Additional Notes
Canada Day (Substitute Day) is a coincident economic indicator, serving as a reflection of consumer confidence and spending trends during holiday periods. It correlates with other public holidays and celebrations, providing insights into seasonal economic patterns and regional disparities in observance.

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