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The Canadian economy created 25K new jobs, but the unemployment rate inched up to 5.8% due to the influx of job seekers


04.12.2023
The Canadian economy created 25K new jobs, but the unemployment rate inched up to 5.8% due to the influx of job seekers

Today's expected range for the Canadian Dollar against the major currencies:

US Dollar        1.3500-1.3600

Euro                1.4675-1.4775

Sterling           1.7100-1.7200

 

WTI Oil (opening level) $73.65

The US Dollar index is marginally higher this morning as the Greenback bounced off a three-week low early this morning. The Dollar was able to pick up some strength on a weaker Euro but for the most part it continues to range trade with a weaker bias. With the US economy in a good place and the Fed expected to reduce interest rates in the Spring the dollar should continue to trade weaker with small moves.

The Canadian Dollar for the most part is unchanged this morning, the employment report on Friday showed the economy created 25K new jobs but the unemployment rate remained unchanged, again nothing here to change the path of the Loonie and it should continue to range trade over the coming weeks. On Wednesday we get the latest interest rate decision from the Bank of Canada and they are not expected to make any changes to interest rates so we probably won't see much reaction from the Loonie.

After a very strong week stocks this morning is pointing lower to start the week but there is no reason to think they won't continue their strong performance, look for them to move forward again this week and the US Dollar to trade a bit weaker.



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11.02.2021

Today's expected range for the Canadian Dollar against the major currencies:

US Dollar         1.2650-1.2750

Euro                 1.5350-1.5450

Sterling            1.7500-1.7600

17.07.2023

Today's expected range for the Canadian Dollar against the major currencies:

US Dollar         1.3200-1.3300

Euro                1.4800-1.4900

Sterling           1.7250-1.7350

30.10.2020

Today's expected range for the Canadian Dollar against the major currencies:

US Dollar         1.3275-1.3375

Euro                 1.5500-1.5600

Sterling            1.7250-1.7350