BoC: Overall business outlook down to -0.6 in Q1 from 2.2

The Bank of Canada's quarterly Business Outlook Survey showed that the Business Outlook component dropped to -0.6% in the first quarter from 2.2. The publication further revealed that the Senior Officer Loan Survey improved to -2.7 from -16 and Future Sales rose to 6 from -1. The initial market reaction weighed on the CAD and the USD/CAD pair surged to 1.3370, where it was up 0.37% on the day.

Key takeaways from the press release