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The Canadian dollar was a net loser on the week thanks to the persistent risk-off sentiment that was so tough, the monster jobs surprise couldn’t lift all Loonie pairs into the green.
Canada Headlines and Economic data
Monday:
- Trump’s Tariff Threat Leaves Beijing Stalling on Next Talks – global financial markets jumped into risk aversion mode after news of Trump’s tariff threat to China. Likely the reason why we saw the Loonie gap down versus the high-yielders and out perform against the other comdolls to start the week.
- Poloz Says He’s Confident Canada Housing Will Return to Growth
- Bank of Canada’s Poloz says mortgage market should offer more product choices
- Oil ends up as concerns over U.S.-China trade talks ease, Middle East tensions rise
Wednesday:
Thursday:
- Canada’s merchandise trade deficit with the world narrowed from $3.4 billion in February to $3.2 billion in March
- Oil prices mixed as traders weigh impact of tariff clashes and U.S. crude inventory drop
Friday:
- Canada adds record 106,500 jobs, in a boost for Trudeau ahead of October vote – this was a big surprise, so it’s no surprise we saw a big pop higher in the Loonie. But the move was limited due to the crosswinds coming from the U.S.-China trade story and falling oil prices.
- Canadian municipalities issued $8.1 billion worth of building permits in March, up 2.1% from February.