Canada Q2 GDP -0.5% vs -1.0% expected

The first reading on Canadian Q2 GDP:

• Estimates ranged from -0.7% to -1.3%
• Prior revised to -0.8% from -0.6%
• q/q GDP -0.1%
• Implicit prices +0.4% q/q
• June GDP +0.5% vs +0.2% expected (fastest since May 2014)
• Economy grew 0.6% from a year earlier

Quick drop in USD/CAD.

This is a better than expected report but one metric stands out as a harbinger of worse-to-come. Business investment down 7.9% in Q2 after a 10.9% decline in Q1.