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Data from Statistics Canada. Forecasts by Sigmanomics Forecast Engine.
CanadaCanada GDP Implicit Price QoQ climbed to 1.1% in Q1 2026
Statistics CanadaQuarterlyReleased May 2026
Canada GDP Implicit Price QoQ climbed to 1.1% in Q1 2026, released May 2026, up 0.1% from December's 1.0% reading. The print exceeded the 0.8% consensus by 0.3%. The print is running well above the 12-month average of 0.71%. GDP Implicit Price QoQ is now the highest in 24 months.
Latest Release
1.1
Actual
0.8
Consensus
1
Previous
Median Absolute Error
±0.45 percentage points
across last 12 releases
Last Call
May 2026
Predicted: 0.8
Actual: 1.1
Error: -0.3
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Co-movement | Action |
|---|---|---|---|---|---|
| USD/CAD | ▼ Inverse | −0.50 | FOREX | Moves against | → View |
| CAD/JPY | ▲ Direct | +0.45 | FOREX | Moves with | → View |
| WTI Crude | ▲ Direct | +0.40 | COMMODITIES | Moves with | → View |
| EUR/CAD | ▼ Inverse | −0.35 | FOREX | Moves against | → View |
| XAU/USD | ▲ Direct | +0.30 | COMMODITIES | Moves with | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
GDP Implicit Price QoQ (Canada) was reported at 1.1% in May 2026. This beat the market consensus of 0.8% by 0.3%. The reading rose from the previous value of 1%. Trailing 12-month context per ETL data through May 2026.
WHY IT MATTERS
The trailing three releases averaged 0.87%, up from the prior three at 0.5%. In May readings over the past 3 years, GDP Implicit Price QoQ has averaged 0.47%.
THE MODEL'S TAKE
Historically, this indicator is negatively correlated with USD/CAD (Bullish CAD). A secondary relationship exists with CAD/JPY, positively correlated (Bullish CAD). Over the last 12 releases, the Sigmacast model's median absolute error is 0.45%.
WHAT TO WATCH NEXT
Same-country events in the next 14 days include Inflation Rate YoY (Jul 20) and Core Inflation Rate YoY (Jul 20).
Auto-generated from current model state · Refreshes on each release · Last update May 2026.
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GDP Implicit Price QoQ - CA
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About GDP Implicit Price QoQ — Canada
DEFINITION
GDP Implicit Price QoQ is a financial indicator that measures the change in the implicit price deflator for the gross domestic product (GDP) on a quarterly basis. It reflects the overall price level of goods and services produced within a country, providing insight into inflation and economic growth. This indicator is widely used by economists and policymakers to monitor the health of an economy and make informed decisions regarding monetary and fiscal policies.
WHY THIS INDICATOR MATTERS
Aggregate growth figures anchor cyclical positioning across asset classes and inform fiscal and monetary policy debate. The release is more useful as part of a longer-run signal than as a single-print catalyst. Released quarterly.
WHAT CHANGED THIS MONTH
Latest reading (Jan 2026): actual 1.1 %, consensus 0.8 %. Prior reading (Oct 2025): 0.7 %. Before that (Jul 2025): 0.8 %.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a higher reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bullish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary tailwind in the current projection. This indicator correlates most strongly with USD/CAD (Bullish CAD, r=-0.50) — a useful reference for forex-focused traders.
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EXPECTED ZONE
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Economic Calendar - CA Events
| Monday, July 20, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
|---|---|---|---|---|---|---|---|
| 12:30 | CA | Core Inflation Rate MoM | 0.6 | 0.1 | 0.05 | Low | |
| 12:30 | CA | Inflation Rate YoY | 3.2 | 3 | 2.95 | High | |
| 12:30 | CA | Core Inflation Rate YoY | 2.2 | 2.4 | 2.45 | Medium | |
| 12:30 | CA | Inflation Rate MoM | 1 | 0.3 | 0.25 | Medium | |
| 12:30 | CA | CPI YoY | 2.1 | 2.5 | 2.50 | Low | |